2024 Web3 Investment and Financing Annual Report: Total Funding Exceeds $10 Billion, AI Sector Accounts for 30% of Hundred-Million-Level Deals
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2024 Web3 Investment and Financing Annual Report: Total Funding Exceeds $10 Billion, AI Sector Accounts for 30% of Hundred-Million-Level Deals
In 2024, there were a total of 17 financing deals exceeding 100 million yuan, with 6 of them in the AI sector.
Navigating Web3 tides with focused insightsBy aididiaojp.eth, Foresight News
According to Foresight Wiki statistics, the year 2024 saw a total of 979 recorded investments and financings in the crypto industry. These were distributed as follows: 354 in tools and infrastructure, 196 in DeFi, 112 in asset management, and 137 in blockchain gaming and NFTs. The total disclosed funding amount reached approximately $11.583 billion. This marks a flat year-on-year comparison in total disclosed funding, while the number of DeFi-related financings increased significantly, rising 37% compared to last year.
In 2024, there were 17 financing rounds exceeding $100 million each, with six occurring in the AI sector. Ten notable projects that raised significant funding include:
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Elon Musk's artificial intelligence startup xAI has raised $5 billion, achieving a valuation of $45 billion.
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Mixed reality startup Magic Leap recently secured a $590 million investment from Saudi Arabia’s Public Investment Fund, as it moves into the metaverse market.
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The "network state" project Praxis announced a $525 million fundraising round, with participation from GEM Digital. Praxis describes itself as the world’s first network state—an internet-native community aiming to accelerate technological progress and revitalize Western civilization. Over 14,000 Praxians currently reside across 82 countries and regions.
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Monad Labs completed a $225 million funding round led by Paradigm. Monad Labs aims to enhance Ethereum Virtual Machine (EVM) performance through its parallel EVM Layer1 project, Monad, introducing parallel execution and superscalar pipelining to address the low throughput issues of existing EVM-compatible blockchains.
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Bitcoin infrastructure development company Blockstream announced a $210 million convertible note financing round led by Fulgur Ventures. The funds will accelerate the adoption and development of Blockstream’s Layer2 technology, expand its mining operations, and grow its Bitcoin treasury.
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Decentralized social protocol Farcaster raised $150 million in a round led by Paradigm. The focus will be on growing daily active users and adding developer primitives such as channels and direct messaging to the protocol.
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Crypto investment platform Public completed a $135 million equity and debt financing round led by Accel. Public plans to enhance the AI capabilities of its platform.
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Digital asset management firm ParaFi Capital closed a $120 million funding round, with participation from Theta Capital Management. ParaFi Capital intends to acquire stakes in other crypto funds focused on specific niches, strategies, or regions, aiming to build a portfolio investing in 30 to 50 such funds over the next three to five years.
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Layer1 public blockchain Berachain completed a $100 million Series B round led by Framework Ventures. Berachain claims its testnet version has already processed 100 million transactions and is designed to be compatible with Ethereum-based applications.
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HashKey Group announced a nearly $100 million Series A funding round at a valuation exceeding $1.2 billion. HashKey Group will deepen its full-ecosystem positioning in the virtual asset industry, accelerate product diversification for licensed operations in Hong Kong, and promote compliant innovation and development globally.
There were 100 funding rounds in the tens of millions of dollars range, including 22 rounds disclosing $50 million or more. Ten notable projects among these include:
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PIP Labs, core contributor to the on-chain IP protocol Story, announced an $80 million Series B round led by a16z Crypto.
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Bitcoin staking protocol Babylon raised $70 million in a round led by Paradigm.
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Modular blockchain Eclipse completed a $50 million Series A round co-led by Placeholder and Hack VC. Eclipse has launched its mainnet and released development and testnet versions of its protocol, with multiple DApps already testing its infrastructure.
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DeFi lending protocol Morpho raised $50 million in a strategic round led by Ribbit Capital.
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Cryptography company Zama secured $73 million in a Series A round led by Multicoin Capital and Protocol Labs. Zama will continue researching and developing its FHE (Fully Homomorphic Encryption) tools.
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Crypto market maker Flowdesk raised $50 million in a Series B round with participation from Cathay Innovation, Ripple, and Bpifrance. This brings Flowdesk’s valuation above $250 million. The company plans to use the funds to further expand globally, focusing on Singapore and the U.S., and opening a new office in London.
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Quora CEO Adam D'Angelo announced a $75 million funding round led by Andreessen Horowitz (a16z). The capital will primarily accelerate the development of its AI chat platform Poe, with most funds expected to be distributed to bot creators via its creator monetization program.
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U.S. fintech firm Figure Technologies completed a $60 million Series A round. Figure announced the creation of a standalone company, Figure Markets, which will develop a platform for investors to trade various blockchain-native assets—including cryptocurrencies, stocks, and alternative investments—using the Provenance Blockchain.
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Cross-border payment and settlement blockchain company Partior raised $80 million in a Series B round, with Deutsche Bank participating.
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ZK proof startup Succinct Labs secured $55 million in a new round led by Paradigm.
On the institutional side, based on disclosed investment counts in 2024, the top ten most active investors are OKX Ventures, Animoca Brands, Polychain Capital, Foresight Ventures, a16z, Big Brain Holdings, Robot Ventures, HashKey Capital, Hack VC, Spartan Group, Bankless Ventures, GSR Ventures, Coinbase Ventures, CMS Holdings, and SevenX Ventures. Specific investment counts and amounts are listed below:
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OKX Ventures made a total of 50 investments, including 10 in deals of $10 million or more: Portal, ether.fi, Taiko, Myshell, CARV, Movement Labs, Cysic, Goplus Security, Solv Protocol, and Mocaverse.
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Animoca Brands made 48 investments, including 15 in deals of $10 million or more: io.net, Polyhedra Network, peaq, XION, Monad, Puffer Finance, Shiba Inu, Lava, Humanity, Goplus Security, Bondex, Redacted Cartel, Balance, Mawari Network, Gelato, and Sapien.
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Polychain Capital made 37 investments, including 17 in deals of $10 million or more: Aitlayer, Monkey Tilt, Eclipse, Polyhedra, dappOS, Berachain, Movement Labs, Botanix Labs, Babylon, ORA, Pi Squared, Lombard, Sahara AI, Story Protocol, Yellow Card, Bitfinity, and Hyperbolic.
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Foresight Ventures made 36 investments, including 17 in deals of $10 million or more: Overworld, ether.fi, io.net, Morph, Myshell, Gomble Games, IoTeX, Avalon, Movement Labs, Avail, Fhenix, Sentient, Lombard, Sahara AI, Pin AI, Noble, and Lens Protocol.
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a16z made 35 investments, including 18 in deals of $10 million or more: Quora, Doppel, Espresso Systems, MyPriz, Kiosk, Farcaster, xAI, Neynar, Tapi, Morpho, Story Protocol, SSI, Balance, Pin AI, Exowatt, Azra Games, Opacity Network, and Vlayer.
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Big Brain Holdings made 34 investments, including 11 in deals of $10 million or more: Overworld, Utila, Parallel, Gomble Games, Monad, Shiba Inu, Sonic, MegaETH, Essential, Solayer, and Hemi Labs.
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Robot Ventures made 34 investments, including 11 in deals of $10 million or more: Backpack, Succinct Labs, Alpen Labs, Movement Labs, Nuffle Labs, Conduit, MegaETH, Sentient, Pi Squared, Celestia, and Delta.
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HashKey Capital made 33 investments, including 13 in deals of $10 million or more: Overworld, Polyhedra Network, mystiko, Seeds Labs, Cysic, Avail, Goplus Security, Particle Network, ORA, Sentient, Huma Finance, Mento, and Nillion.
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Hack VC made 32 investments, including 16 in deals of $10 million or more: Aitlayer, Monkey Tilt, io.net, Eclipse, Mezo, Berachain, Movement Labs, Fhenix, Sentient, Solayer, Pin AI, Variational, Gelato, Nillion, Exabits, and Spicenet.
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Spartan Group made 30 investments, including 10 in deals of $10 million or more: Overworld, MetaCene, Morph, Peaq, Parallel, Centrifuge, Particle Network, Redacted Cartel, RedStone, and Essential.
Regarding crypto funds, 23 new crypto-focused funds were announced in 2024, including:
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Uncorrelated Ventures raised a new fund of $315 million, with 20% allocated to support crypto startups.
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LayerZero partnered with a16z and others to launch the lzCatalyst initiative, incentivizing participating funds to invest $300 million into projects integrating LayerZero.
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Crypto venture firm Hack VC raised a $150 million new fund, with about one-third already deployed.
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Immutable, King River Capital, and Polygon Labs plan to raise a $100 million Web3 gaming fund.
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Web3Port established a $100 million fund called the Web3Port Foundation.
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Bonfire Union, the venture arm of Mask Network, will launch its second fund, currently raising up to $100 million in total.
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CMT Digital is raising $150 million for its fourth fund.
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Tiger Global’s new venture fund completed a $2.2 billion raise—the smallest in nearly a decade.
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Hypersphere launched a $130 million liquid fund named Atlas, with plans to raise an additional $75 million.
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Borderless Capital launched a $100 million DePIN fund.
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The former Chief Strategy Officer of CoinShares founded Crucible Capital, planning to launch two new funds totaling $75 million.
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Solana accelerator Colosseum raised $60 million and has already invested in 11 projects.
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Cryptomeria Capital plans to launch a $50 million Web3 venture fund.
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Pantera Capital completed a $20 million fundraising round to double down on supporting the TON blockchain ecosystem.
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VanEck launched a $30 million venture fund to support crypto and AI innovations.
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Morph and Foresight Ventures jointly launched a $20 million ecosystem fund.
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Foresight Ventures, MEXC Ventures, and Mirana Ventures established a fund to support Aptos ecosystem expansion.
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Frictionless Capital raised $20 million to invest in the blockchain space.
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Figment Capital completed a strategic funding round.
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CDP Venture Capital launched Frontech Accelerator, a €7 million accelerator program.
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Crypto venture firm Contango raised $5 million to invest in AI and blockchain crossover startups.
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Venture firm AgileGTM established a $10 million B2B blockchain accelerator fund.
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Asymmetry plans to raise a $21 million new fund focused on blockchain.
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