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- November crypto fundraising surpasses $1.67 billion, a 387% increase from October.
- 111 projects secured investments, slightly down from the previous month’s 112.
- The top 10 fundraising rounds accumulated $634.6 million, 38% of all VC investments.
The latest Crypto Fundraising report by CryptoRank shows a remarkable rebound in November, surpassing more than $1.67 billion in investments, marking a 387% increase from October. The month witnessed 111 projects securing investments, a slight decrease from the previous month’s 112 deals, which amounted to $430 million.
Crypto Fundraising Trend from June to November (Source: CryptoRank)
This surge, according to Crypto Rank, signals a bullish market trend with potential growth. This aligns with the anticipation of increased fundraising activity due to the recent price rally and the potential approval of a Bitcoin ETF.
Fundraising by Category in November (Source: CryptoRank)
Based on the chart, Blockchain Service emerged as the most popular category, with 37 rounds dated November 23. It was followed by DeFi with 17 rounds and Social with 14 rounds. Last month, Blockchain Service and DeFi received the highest funding.
The top 10 biggest fundraising rounds in November accumulated a total of 634.6 million, constituting 38% of all VC investments that month. Notably, Wormhole, a decentralized message-passing protocol for blockchains, took the lead after raising a total of $225 million. Some of this capital is expected to support the newly established Wormhole Labs, dedicated to further developing the protocol.Crypto finance firm Blockchain.com secured the second position with a Series E financial round raising $110 million, led by Kingsway Capital. Additionally, Fnality, a blockchain-based wholesale payments solution, secured $95 million in a series B funding round led by venture capital firms Goldman Sachs and BNP Paribas Private Equity.
This month also saw VCs largely prioritizing early-stage investments, with a particular focus on emerging projects. Crypto startups secured over $995 million in investments, reflecting a notable increase of 131% from the $430.56 million raised in October.
Fundraising Rounds by Size in November (Source: CryptoRank)
While overall crypto funding in November showed an upswing, the graph indicates that VCs remained cautious, with only 16 rounds exceeding the $10 million funding size. A majority of the total funding rounds, 55.26%, fell within the $3-$10 million range.
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