November Web3 Funding Report: Total Funding Reaches $2.1 Billion, AI Sector Emerges as Top Performer
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November Web3 Funding Report: Total Funding Reaches $2.1 Billion, AI Sector Emerges as Top Performer
In November, the disclosed financing totaled $2.1 billion, distributed across 106 projects, representing only a slight decrease compared to last month.
Navigating Web3 tides with focused insightsAuthor: Cheeky Rolo
Translation: TechFlow
Comment from @cheeky_rolo:
In last month's Web3 fundraising snapshot, I mentioned that venture capital firms (VCs) typically "wind down operations" during the final two months of the year. Looking back at this statement, I realize it may not have conveyed my intended meaning clearly. The phrase "wind down operations" can be interpreted in two ways:
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It might mean a period of intense activity, focusing on closing long-pending deals to clear the slate for the new year;
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Or it could imply reduced workload and a more relaxed pace.
According to Carta data, November and December are actually the busiest months of the year in terms of deal volume, exceeding most other months. However, this trend does not hold true for the Web3 space. Based on our data, Web3 VCs do not exhibit the same year-end surge in deal closures. Specifically, in November 2024, we did not observe a significant increase in the number of transactions. I will explore this further in future articles.
Additionally, November 2024 data indicates that volatility in the cryptocurrency market has no direct impact on early-stage startup fundraising. As noted in previous months, there is usually a significant lag between Bitcoin (BTC) reaching an all-time high (ATH) and the subsequent inflow of venture capital. Performance in November 2024 was relatively weak, and I don't expect much improvement by year-end.
Web3 Market Overview: Funding Across Stages Since 2018
Source: Messari.
Data is updated monthly; figures for prior months may be slightly adjusted (e.g., newly added funding rounds or removal of duplicates).
Key Data for November 2024:
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Disclosed funding totaled $2.1 billion across 106 projects, a slight decline from the previous month.
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Total transaction count was 156, roughly half of October 2024’s total. Based on this, estimated total funding across all stages is approximately $3.1 billion.
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Year-to-date in 2024, disclosed funding reached $15.8 billion across 1,927 projects.
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Total transaction count stands at 3,033, suggesting full-year funding could reach $25.4 billion.
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Crypto Venture Fund Launches Since 2022:
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Two funds launched, raising $215 million in total:
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Portal VC launched a $75 million fund: invests in only one founder per category, focusing on Bitcoin programmability, Decentralized Physical Infrastructure Networks (DePIN), and Maximal Extractable Value (MEV) business models.
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Accolade Partners raised $135 million through two investment vehicles.
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Pre-seed Stage Web3 Funding Since 2018:
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Disclosed pre-seed funding totaled $36 million across 13 deals.
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Total transaction count was 13, lower than 18 in October 2024.
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Average pre-seed round size in November was $2.7 million.
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Since 2018, the average pre-seed round size has been $1.6 million.
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Market Highlights This Month:
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vlayer raised $10 million in pre-seed funding, backed by top-tier VCs and industry builders. This round is significant for the Web3 ecosystem as it addresses a critical challenge: connecting blockchains with real-world systems via verifiable data.
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vlayer introduced four groundbreaking Solidity functions—Time Travel, Teleport, zkTLS (Web Proofs), and zkEmail (Email Proofs)—enhancing Ethereum's capabilities and enabling smart contracts to seamlessly interact with on-chain and off-chain data. By leveraging advanced cryptographic technologies such as Zero-Knowledge Proofs (ZKPs) and Multi-Party Computations (MPC), vlayer aims to make decentralized applications (dApps) more powerful, scalable, and impactful, paving the way for broader adoption and real-world use cases.
Seed Round Web3 Funding Since 2018:
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In November 2024, seed funding totaled $189 million, an 11% decrease from the previous month, involving 27 seed-stage companies (disclosed).
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Total transaction count was 33, down from 43 in October; estimated total seed funding for the month is around $231 million.
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Average seed round size this month was $7 million.
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Since 2018, the average seed round size has been $4.6 million.
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Market Highlights This Month:
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0G Labs completed a total raise of $290 million, including a $40 million seed round and $250 million in token purchase commitments. This milestone marks accelerated progress in integrating blockchain and AI, bringing major breakthroughs to the Web3 ecosystem.
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0G Labs is developing a decentralized AI operating system (dAIOS) that combines scalability, privacy, and verifiability, aiming to redefine AI as a public good—more accessible and censorship-resistant. Its technological innovations include a data availability layer supporting up to 50GB/s data throughput and a decentralized AI services marketplace, significantly improving efficiency in AI-blockchain integration. This funding round not only addresses key bottlenecks in current AI and blockchain convergence but also reflects strong investor confidence in decentralized AI solutions. With this advancement, 0G Labs is poised to lead the next wave of Web3 innovation.
Series A Web3 Funding Since 2018:
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In November 2024, Series A funding totaled $69.5 million across 6 companies (disclosed).
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Average Series A round size this month was $11.5 million.
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Since 2018, the average Series A round size has been $17.5 million.
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Market Highlights This Month:
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Monkey Tilt raised $30 million in a Series A round, reflecting the growing convergence of entertainment, gaming, and Web3 technologies, while demonstrating the potential of crypto platforms to reshape traditional industries.
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By integrating multi-currency crypto payments, immersive social features, and partnerships with culturally relevant brands and influencers, Monkey Tilt is redefining online gambling as a more interactive and community-driven experience. Focused on combining traditional casino games, sports betting, and crypto technology, the platform showcases how Web3 can unlock new use cases in entertainment and attract mainstream audiences. In doing so, Monkey Tilt not only advances the adoption of decentralized technologies but also injects fresh energy into the entertainment sector.
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