The new web3 companies raised $ 9.6 billion in risk funds during the second quarter of 2025, which makes it the second largest quarter registered, even when the number of agreements fell to the minimum of several years, according to a new report by Outphier Ventures.
The investigation of the London -based risk capital firm could present a maturation market in which investors are putting more money in less projects.
The findings suggest that the collection of web3 funds is evolving from the activity promoted by exaggeration towards the investment directed and focused on durability, and investors favor the fundamental infrastructure and the tested equipment on volume.
Only 306 agreements were revealed in the quarter, the lowest since mid -2013, but the medium size of the agreement increased at each stage. Outlier said this reflects a change in broad and speculative investment to strategic allocations of high conditions.
The financing of Serie A, which had slowly slowed down during the bears market, organized a return. The half -series Ronda grew to $ 17.6 million, with 27 agreements for a total of $ 420 million, the largest since 2022. Initial financing also collected, with an average size of $ 6.6 million.
The collection of tokens funds painted a divided image. Private tokens sales raised $ 410 million in just 15 agreements, their largest exhibition since 2021, while public tokens sales fell 83% to $ 134 million, which underlines the diminishing appetite of offers centered on retail trade.
Sectors such as cryptocurrency infrastructure, mining and validation, and computer networks saw the largest rounds, with medians ranging between $ 70 million and $ 112 million. The consumer -oriented sectors, such as markets, followed significantly.
“Capital is consolidating around the projects that can provide the rails for the next adoption phase,” Outlier wrote, added that infrastructure bets are first considered “indispensable” for the long -term web3 growth.
