The top 10 crypto fundraisers in 2023

The funding from companies in the sector crypto a strongly decreased this year to just under 7 billion dollars. Back to 10 largest fundraisers from 2023 with Wormhole, LayerZero or Worldcoin.

The venture capital in the industry web3 continued to decline in 2023. According to data provided by Crunchbase, VCs have invested a total of $6.9 billion in new ventures. startups specialized in crypto and blockchain, a drop of over 70% compared to 2022. Last year, start-ups in this sector raised around $26 billion.

Financing by quarter – 2019 to 2023

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Investment dried up in the wake of falling cryptocurrency prices in 2022. The Defillama tracker, however, points to a slight recovery in November 2023. The Bitcoin price regained the $30,000 level last month and exceeded $40,000 this month.

Funding per month – 2023

The 10 biggest fundraisings by crypto startups in 2023

#1 Wormhole – $225 million

Wormhole has completed the biggest deal of the year. The inter-chain bridge, which suffered a major hack in early 2022, raised $225 million from Jump Trading in November and looks set to make a comeback.

#2 LineNext – $140 million

Just 15 days ago, LineNext, the web3 arm of Asian giant Line, announced a $140 million financing round. Led by Crescendo Equity Partners, the round will finance the launch of a global NFT marketplace.

#3 Blockstream – $125 million

Bitcoin pioneer Blockstream raised $125 million earlier this year with the intention of expanding its bitcoin mining services. This summer, the firm co-founded by renowned cryptographer Adam Back pushed back the commercialization of its own ASIC to Q3 2024.

#4 LayerZero – $120 million

LayerZero Labs, the entity behind the cross-chain bridge of the same name, raised $120 million last spring at a valuation of $3 billion. Recently, the bridge announced an upcoming airdrop for its native token.

#5 Worldcoin (Tools for Humanity) – $115 million

Open AI co-founder Sam Altman’s dystopian project needs no introduction. Worldcoin, developed by the startup Tools for Humanity, revealed a $115 million financing round led by Blockchain Capital in May, a few months before its official launch. Since then, the initiative has attracted the attention of several regulators, including France’s CNIL.

#6 Blockchain.com – $110 million

Wallet and exchange provider Blockchain.com closed a $110 million Series E round last month. Enough to enable it to hire again after several waves of layoffs. Its valuation has been more than halved, according to sources familiar with the transaction. The latter had reached $14 billion at the time of a previous financing round in 2022.

#7 Ledger – 100 million euros

In March, France’s Ledger raised 100 million euros in a Series C extension. The unicorn was still valued at over $1 billion. This autumn, the manufacturer of physical wallets cut its workforce. Recently, one of its infrastructures, Ledger Connect, suffered an attack, causing losses estimated at $600,000.

#8 BitGo – $100 million

BitGo, a pioneering crypto-custody company, secured a $100 million investment this summer. The crypto-custody specialist’s valuation reached $1.75 billion at the time. BitGo entered into a partnership with South Korean banking giant Hana Bank in September.

#9 Fnality International – 90 million euros

Fnality closed a €90 million Series B round led by BNP Paribas and Goldman Sachs last month. The fintech focuses on developing a blockchain settlement solution to connect TradFi and DeFi in wholesale markets. It had already received an investment of an undisclosed amount from Nomura in September.

#10 Auradine – $81 million

Auradine raised $81 million from Celesta Capital and Mayfield in May. The start-up designs a next-generation privacy-centric web infrastructure powered by blockchain and AI technologies.

According to Defillama, the largest investors in the crypto ecosystem in 2023 in terms of number of deals include Binance Labs, Polychain Capital, a16z, Animoca Brands and DragonFly Capital.

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