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Web3 Funding Continues To Crater — Drops 82% Year To Year

Funding to VC-backed Web3 startups hit a low in Q1 2023, with venture funding falling 82% YoY from $9.1bn in Q1 2022 to $1.7bn, according to Crunchbase data. The number is also down 30% from the final quarter of last year and the lowest since Q4 2020. Deal flow dipped to 333 deals completed in Q1, down from 369 in the previous quarter and a sharp drop from the more than 500 announced in Q1 2022. The total number of deals is the lowest since Q4 2020. However, some subsectors are seeing renewed interest, with VCs concentrating on blockchain infrastructure players to help build the foundation for Web3.

(By Chris Metinko)

Web3
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