In November, venture capital (VC) funds made significant investments in the crypto startup space, totaling nearly $800 million according to DefiLlama data. While this marked the fourth-best month for funding in 2024, it was an 8% decrease from the previous month.
Among the various sectors within the crypto industry, infrastructure projects continued to attract the most funding. Startups working on blockchain gaming raised approximately $71 million, with Monkey Tilt leading the way by securing $30 million in a Series A round led by Pantera Capital. In the broader web3 category, projects received $8.2 million in funding.
The bulk of the investments, totaling over $583 million, went into companies developing crypto-related infrastructure. Notable funding rounds included Zero Gravity Labs raising $40 million and Bitcoin miner Canaan Creative securing $30 million through a private equity offering.
The decentralized finance (DeFi) sector also saw a significant uptick in funding, growing by 31% from the previous month to reach $128.2 million. USDX Money, a synthetic US dollar-pegged stablecoin issuer, raised the most funds with a $45 million injection from investors such as NGC Ventures and BAI Capital. Additionally, World Financial Liberty (WLFI) conducted a token sale with participation from Justin Sun, founder of Tron, raising $30 million for their credit market backed by President-elect Donald Trump and his family. StakeStone, a liquid staking protocol, secured $22 million in a strategic round led by Polychain Capital.
Overall, the crypto startup ecosystem continues to attract significant investments from VC funds, signaling continued growth and innovation in the industry. These developments reflect the ongoing evolution of Web3 technologies and their potential to reshape various sectors of the economy.