Web3 Startups Raise $2B in Q3, But Deal Flow Declines for Second Consecutive Quarter
Web3 startups raised $2 billion in funding in Q3 2022, which represents a 43% increase from the same period last year. However, this is a 13% decline from Q2 of this year, which saw the third consecutive quarter of upticks in the sector. The number of deals made in Q3 was the lowest since Q2 2020, but there were eight rounds of $50 million or more raised in the quarter. Investors believe that the year-to-year jump in funding is due to the resurging interest in Bitcoin and Ethereum ETFs, as well as the astronomical growth of stablecoins. However, the declining number of deals could mean that there are fewer startups in the industry getting funded, which could diminish funding dollars in the future.
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