Dealroom and RockawayX publish 2023 report on the state of funding of European crypto companies
The report details crypto VC funding trends in Europe.
PARIS, March 22, 2023–(BUSINESS WIRE)–Today RockawayX (a venture capital firm backing leading Web3 projects) and Dealroom published their State of European Crypto Funding report.
Published in full here, highlights of the report include:
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Unicorn creation across all geographies peaked in 2021.
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European crypto startups attracted record funding ($5.7 billion) in 2022, while US crypto startup funding declined year-on-year.
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Europe has the largest number of crypto startups, but lags behind in late-stage companies.
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European start-ups account for a significant portion of early-stage crypto funding globally.
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US investors’ share of European crypto startup Seed and Series A funding was 21% and 29%.
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London remains Europe’s crypto hub.
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“Web3” is increasing, with more users, big brand participants and increased risk funding. More than half of European crypto-VC funding goes to companies building financial products and services.
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Funding in companies building developer tools, roll-ups and “Layer 1s” accelerated the most in 2022.
“The crypto market has been defined by 4-year cycles. During the 2018 crypto winter, the total market value of digital assets fell by 80%, but startup funding activity remained stable. Many of today’s most notable crypto companies were funded and launched during that period,” said Viktor Fischer, CEO of RockawayX. He added, “With an increasingly hostile US regulatory environment, crypto industry watchers are taking funding to other regions. Europe already has a number of crypto startups and a top-notch ecosystem. It could attract the late-stage funding that scuttled US executives. i last cycle.”
“As investors, we’re seeing the downturn change the way deals play out; where once fundraisings were quickly oversubscribed and desperately closed, sometimes days after the process started, raises can now span months,” said Samantha Bohbot, Chief Growth Officer & Investor , RockawayX.
About Dealroom
Dealroom.co is the premier data provider on startup, early stage and growth company ecosystems. Founded in Amsterdam in 2013, we now work with many of the world’s most prominent investors, entrepreneurs and government organizations to provide transparency, analysis and insight into venture capital activity.
About RockawayX
RockawayX has been investing in early-stage crypto companies and token projects since 2018. Based in Europe, the firm operates top-performing venture and credit investment strategies. It contributes to the decentralization, security and growth of blockchain networks and applications.
See the source version at businesswire.com: https://www.businesswire.com/news/home/20230322005119/en/
Contacts
RockawayX
Samantha Bohbot
[email protected]
