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Crypto Startups Raised $2.6B in Q1 Despite Fourth Consecutive Quarter of Decreasing Investment Activity

According to a report by PitchBook, crypto-focused companies raised $2.6 billion in the first quarter of 2023, marking a decrease in both the total number of deals and deal value compared to the previous quarter. This decline in investment activity has continued for the fourth consecutive quarter, with Q1 2023 seeing the lowest capital invested and deals completed since Q4 2020. However, there were positive outlooks for the crypto space, with seed and late-stage rounds up compared to 2022, and Layer-2 scaling solutions continuing to attract investments. Crypto custodial services also received notable investments, with Ledger securing $109 million in a Series C extension funding round.

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