August Web3 Funding Review: 118 Projects Raise $1.4 Billion, Pre-Seed Funding Averages $2.7 Million
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August Web3 Funding Review: 118 Projects Raise $1.4 Billion, Pre-Seed Funding Averages $2.7 Million
As of 2024, 1,485 disclosed projects have raised a total of $10.3 billion.
Navigating Web3 tides with focused insightsAuthor: Cheeky Rolo
Translation: TechFlow
Market Overview: Funding Trends Across Company Stages Since 2018
Source: Messari, fundraising by project stage from January 2018 to August 2024
Note: Disclosure vs. total deal count – approximately 25% of projects did not disclose basic information such as funding amount. "Total deal count" includes both disclosed and undisclosed projects.
Key Data for August 2024:
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In August 2024, 118 projects (disclosed) raised $1.4 billion, a 4% decline from the previous month.
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Total deal count was 182, also down 4%, with an estimated $2.1 billion raised.
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Year-to-date in 2024, 1,485 projects (disclosed) have raised a total of $10.3 billion.
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Total deal count stands at 2,225, with an estimated $15.4 billion raised so far in 2024.
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Market Highlights This Month:
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Story Protocol successfully raised $80 million in a Series B round led by Andreessen Horowitz. Story Protocol addresses key challenges in intellectual property protection and monetization in the AI era using blockchain technology. It enables creators to embed licensing and royalty terms directly into their IP, ensuring compensation when AI systems use their content. This transparent, programmable, and decentralized solution provides critical infrastructure for protecting original content. The move not only advances Web3 technological innovation but also offers practical solutions to real-world issues in the creative industry.
Crypto Venture Funds Launched Since 2022
Since January 2022, crypto funds focusing on early-stage Web3 startups have been launched one after another
In August 2024, five funds raised a total of $260 million:
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Parafi launched a new $120 million fund, planning to invest in 30–50 projects over 3 to 5 years.
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Lemniscap launched a $70 million fund focused on ZK infrastructure, consumer applications, the Bitcoin ecosystem, security, and DePIN.
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The Open Network Ventures launched a $40 million fund supporting early-stage crypto projects within the TON ecosystem.
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Morph and Foresight Ventures launched a $20 million ecosystem fund focusing on consumer applications.
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OKX CVC and Aptos launched a $10 million Web3 and crypto fund.
Pre-Seed Funding Trends Since 2018
Source: Messari, pre-seed project fundraising from January 2018 to August 2024
August 2024:
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A total of $38 million was raised, a 3% increase from last month, involving 14 disclosed pre-seed stage companies.
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Total deal count was 20, down 30%; estimated total capital raised across all deals was $49 million.
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The average pre-seed funding size this month was approximately $2.7 million.
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Since 2018, the average pre-seed funding size has been $1.5 million.
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Pre-Seed Funding Highlights This Month:
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SatLayer recently raised $8 million in a pre-seed round. The project introduces Bitcoin restaking functionality for decentralized applications, enabling Bitcoin to play a greater role in securing decentralized networks. By leveraging the Babylon protocol, SatLayer connects Bitcoin with proof-of-stake systems, enhancing security and offering new yield opportunities for Bitcoin holders. This development highlights the growing demand for Bitcoin as a core collateral asset in Web3, potentially bringing more liquidity and security to decentralized infrastructure, while demonstrating investor confidence in Bitcoin-based DeFi innovations.
Seed Funding Trends Since 2018
Source: Messari, seed-stage project fundraising from January 2018 to August 2024
August 2024:
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46 seed-stage companies raised a total of $237 million (disclosed).
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Total deal count was 50, with an estimated $258 million raised.
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The average seed funding size this month was approximately $5.1 million.
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The historical average seed funding size is $4.5 million.
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Seed Funding Highlights This Month:
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WSPN recently raised $30 million in its seed round to accelerate the development of its next-generation stablecoin infrastructure, “Stablecoin 2.0.” By introducing user-driven governance, enhanced accessibility, and a Visa-like decentralized payment network, WSPN addresses the issues of centralization and limited usability in today’s stablecoin market. With this investment and the addition of industry veteran John Partridge, WSPN aims to redefine how stablecoins are used across broader payment and financial systems, driving mainstream adoption and strengthening the foundation of the Web3 digital economy.
Series A Funding Trends Since 2018
Source: Messari, Series A project fundraising from January 2018 to August 2024
August 2024:
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14 Series A-stage companies raised a total of $237 million (disclosed).
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Total deal count was 15, with an estimated $253 million raised.
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The average Series A funding size this month was approximately $16.9 million.
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The historical average Series A funding size is $17.6 million.
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Series A Funding Highlights This Month:
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WSPN recently raised $55 million to further develop its automated risk management tools, addressing critical challenges in DeFi. WSPN’s platform helps DeFi protocols like Aave and GMX respond to market volatility more efficiently and securely through real-time on-chain economic security and risk assessment, reducing human error and centralized risks. As DeFi continues to grow and attract more capital, the demand for robust automated systems like WSPN becomes crucial to protect user funds and maintain trust in decentralized financial markets.
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