Blockchain VC funding halves in October despite some strong increases

Blockchain venture capital inflows fell sharply in October from the previous month. According to Cointelegraph Research, the number of individual deals fell from 93 to 69 monthly.

The Cointelegraph Research Terminal VC database, which compiles extensive details on deals, M&A activity, investors, crypto companies, funds and more, shows that venture capital inflows fell 48.6%, totaling $843.5 million in venture capital (VC) investments, down from 1.64 dollars. billion in September.

Large increases despite difficult market conditions

It’s not all bad news. Signals that there is still active interest from VCs in the blockchain industry are flashing daily. In the decentralized finance (DeFi) sector, Uniswap Labs – the team behind the largest decentralized exchange (DEX), Uniswap – secured $165 million in a Series B round led by Polychain Capital, with participation from investors such as Andreessen Horowitz, Paradigm, SV Engel and variant. The Series B funding round for the DeFi protocol brings Uniswap’s total valuation to $1.66 billion.

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Blockchain development platform Tatum raised $41.5 million from Evolution Equity Partners, Octopus Ventures, 3VC, Tensor Ventures, Depo Ventures, Leadblock Fund, Circle and the founders of Bitpanda.

Meanwhile, crypto depository Copper raised $196 million in its ongoing Series C round. The overall funding target for copper has not been publicly determined. Barclays Ventures and Tiger Global Management led Copper’s latest fundraising. The company has previously received support from Alan Howard, Dawn Capital and Target Global.

Web3 continues to attract investor interest

The Web3 sector accounted for 42% of investor interest in October, with over $350 million inflows. Investors are looking at Web3 infrastructure companies. Chainsafe, a firm focused on protocol implementation and cryptographic technology, secured $18.75 million in a Series A led by Round13.

Mobile game publisher Homa Games raised $100 million in a Series B funding round led by Quadrille Capital and Headline. Other participants included Northzone, Fabric Ventures, Bpifrance, Eurazeo and Singular participation. Homa has published mobile game titles such as Sky Roller, Aquarium Land and Z Defense.

Scaling startup Celestia was also on investors’ radars, closing a $55 million deal to continue development of modular blockchain technology. The round was led by Bain Capital Crypto and Polychain Capital, with participation from Spartan Group, FTX Ventures and Jump Crypto.