June crypto VC roundup: The lowest funding total since August 2021

This article is part of a monthly series from The Block that takes a closer look at where the most recent venture capital investments have been flowing.

Crypto funding continued to decline in June as venture capital firms remain wary of deploying capital in the market downturn.

June saw around 195 deals, with investors pouring $2.2 billion into crypto startups — 37% less than the previous month. The last time the total crypto funding was near the $2 billion level was in August of 2021, when $2.1 billion was invested. From last September until May, the total invested had consistently ranged between about $3 billion and around $5 billion.

So-called "crypto winter" has hit the private market. There were only around five mega rounds worth $100 million during the month. Most startups have received smaller checks and valuations have declined.

The most popular investment categories in June were trading and NFT/ blockchain gaming, with each vertical drawing more than $500 million in funding.

The DeFi vertical received the lowest amount of funding, with just over $165 million.

Below is the June roundup, organized by category, of all the VC fundraises worth more than $25 million announced last month.

Trading and custody platforms  

There were five raises larger than $25 million by firms specifically focused on crypto trading, brokerage and custody services.

Unizen, a "CeDeFi" exchange that claims to offer benefits of both centralized and decentralized exchanges, said it received $200 million in capital commitment from Global Emerging Markets (GEM). GEM is a multi-billion dollar private equity firm that has recently been committing capital to lesser-known crypto startups, not making actual investments. 

Crypto prime broker FalconX raised $150 million in a Series D financing round led by Singaporean sovereign wealth fund GIC and tech-focused venture capital firm B Capital Group. The round more than doubled FalconX's valuation to $8 billion valuation. 

Indonesia-based crypto exchange operator Pintu raised $113 million in a Series B funding round. Investors in the round include Pantera Capital, Lightspeed India Partners, Intudo Ventures and Northstar Group. The firm did not disclose its valuation with the round. 

Paris-based crypto broker Coinhouse raised 40 million euros ($42.5 million) in new funding. Investors included True Global Ventures 4 Plus Fund, Franco-German financial services group ODDO BHF, Tioga Capital, Raise Ventures and ConsenSys. 

Crypto custodian Entropy raised $25 million in a seed funding round. A16z led the round, with Dragonfly Capital, Ethereal Ventures, Variant, Coinbase Ventures, Robot Ventures, Sabrina Hahn and others participating.

​​NFTs, and gaming and the metaverse

June saw four raises larger than $25 million for firms specifically focused on NFTs, blockchain gaming and the metaverse. 

Magic Eden, the largest NFT marketplace on Solana, raised $130 million in a Series B funding round at a $1.6 billion valuation. Electric Capital and Greylock Partners led the round, with Lightspeed Venture Partners, Paradigm and Sequoia Capital participating. 

Web3 gaming firm Wildcard Alliance raised $46 million in a Series A funding round. Paradigm led the round, with Griffin Gaming Partners, Polygon and venture capitalist Sabrina Hahn participating. Wildcard Alliance is developing video games based on the Polygon blockchain. 

NFT infrastructure startup NFTPort raised $26 million in a Series A funding round. Taavet+Sten — the investment vehicle of Taavet Hinrikus (Wise co-founder) and Sten Tamkivi (Teleport co-founder) — and Atomico, the European venture capital firm, co-led the round. 

ZEBEDEE, a play-to-earn gaming platform that rewards bitcoin to players, raised more than $33 million, according to a document filed with the U.S. Securities and Exchange Commission. 

Don't forget DeFi and Web3

There were three raises that surpassed $25 million for DeFi and web3 projects in June. Most other firms in this category raised smaller rounds.

EcoWatt, a renewable energy firm that tokenizes carbon credits, said it received a token investment commitment worth $110 million from GEM Digital — again, a commitment from GEM, not an actual investment. EcoWatt has a native token of the same name EcoWatt (EWT), which it says is backed by renewable energy and reforestation projects. 

Euler Finance, Ethereum-based lending and borrowing protocol, raised $32 million in a funding round led by Haun Ventures. Other investors included FTX Ventures, Jump Crypto and Uniswap Labs Ventures. 

NBA star Spencer Dinwiddie's startup Calaxy, which offers a web3 social marketplace for creators, raised $26 million in strategic funding. The HBAR Foundation and Animoca Brands co-led the fundraise, with Polygon participating. The Calaxy marketplace is built on the Hedera network.

Tools of the trade

The remaining seven fundraises above $25 million from June were from the infrastructure category. They include firms developing trading tools, data providers and blockchain developers.  

Crypto infrastructure firm Prime Trust, which provides services such as liquidity, settlement, custody and payment rails, raised over $100 million in a Series B funding round. Investors included Kraken Ventures, William Blair & Company, Decasonic, University Growth Fund and Seven Peaks Ventures. The firm did not disclose its valuation. 

InfStones, a blockchain infrastructure startup that provides tooling for web3 developers, raised $66 million in a new funding round led by SoftBank Vision Fund 2 and GGV Capital. Other investors included 10T Fund, SNZ Holding and A&T Capital. InfStones said it neared unicorn status with the round without disclosing its valuation.

Crypto data provider Kaiko raised $53 million in a Series B funding round. Eight Roads led the round, with Revaia, Alven, Point9, Anthemis and Underscore participating.

Ekta, an Indonesia-based blockchain developer, said it secured $60 million in investment commitment from GEM Digital. Ekta says it is developing its own Layer 1 network EktaChain and NFT marketplace, among other projects.

Crypto infrastructure startup PolySign, which provides custody, trading and administration tools for institutions, raised $53 million in Series C funding. Investors included Brevan Howard Digital, Cowen Digital and GSR.

China-based blockchain developer ByteTrade reportedly raised $40 million in a round led by Susquehanna International Group (SIG) China. 

France-based crypto trading infrastructure provider Flowdesk raised $30 million in a Series A funding round. The round was co-led by Eurazeo, Aglaé Ventures and ISAI. Other investors included Coinbase Ventures, Ledger and Fabric Ventures.

Circulor, an enterprise blockchain firm focused on supply chain traceability and carbon dioxide tracking, raised $25 million in a Series B funding round. The Westly Group led the round, with HG Ventures of the Heritage Group, Volvo Cars Technology Fund, Jaguar Land Rover's InMotion Ventures, Salesforce Ventures and others participating.

New crypto VC funds

Venture capital firms have to raise funds, too. In June, the largest rounds came from Sequoia Capital, World Innovation Lab and Huobi Global. Overall, the month saw 24 new fund launches by both existing and new VC and other firms.

Sequoia Capital's India and Southeast Asia funds raised $2 billion and $850 million in new capital, respectively. Sequoia Capital at a group level is an active investor in the crypto space, backing firms such as FTX, Fireblocks, StarkWare and Magic Eden.

Venture capital firm World Innovation Lab, an investor in high-profile companies such as Wise and Auth0, raised over $1 billion for its various funds. One of the funds, WiL Ventures III, will also invest in web3 startups.

Crypto exchange operator Huobi Global launched its investment arm named Ivy Blocks. The unit reportedly has over $1 billion in crypto assets under management to deploy.

Binance Labs raised a $500 million fund to back web3 projects — its first fund with outside capital. Backers of the fund include DST Global Partners, Breyer Capital and unnamed private equity funds, family offices and corporations.

London-based Felix Capital, an investor in crypto startups like Sorare and Ledger, raised $600 million for its fourth fund. The firm plans to continue investing across sectors, including commerce, infrastructure and web3. 

Paris-based venture capital firm Alven, an investor in crypto startups like Kaiko and NFTPort, raised a €350 million (around $353 million) fund to invest across sectors, including fintech, e-commerce, social and entertainment.

Bertelsmann India Investments, a strategic investment arm of Germany-headquartered media firm Bertelsmann SE & Co., announced a $500 million fund. The fund will invest in various industries and keep an eye on "disruptive technologies like Web3."

Australia-based web3 gaming firm Immutable launched an inaugural developer and venture investment fund worth $500 million. The firm will invest in web3 gaming and NFT startups building on its Ethereum Layer 2 scaling network Immutable X.

Huobi co-founder Du Jun launched a new crypto venture capital firm ABCDE Capital with an early crypto investor BMANLead. The firm's first fund, worth $400 million, looks to invest in "web3 builders."

Boldstart Ventures, an investor in crypto companies like Fireblocks and Blockdaemon, launched two funds worth a total of $367.2 million. Its sixth flagship fund, worth $192.2 million, and its third opportunity-style fund, worth $175 million. 

Shine Capital launched two new funds worth a total of $300 million: Shine Capital II, a $200 million early-stage fund, and Shine Capital Opportunities Fund I, a $100 million to further invest in its portfolio companies.

Crypto-focused investment firm Foresight Ventures launched a new $200 million fund to primarily invest in token-based projects and startups. 

Berlin-based BlueYard Capital, an investor in web3 firms like Filecoin and Centrifuge, raised $185 million for its third fund. The firm plans to continue investing in science and technology startups, including web3. 

True Global Ventures 4 Plus (TGV4 Plus) raised a $146 million follow-on fund to further invest in its portfolio companies and other late-stage web3 deals. Its current crypto investments include Animoca Brands, The Sandbox and Coinhouse.

Crypto-focused investment firm Fabric Ventures launched a $140 million fund. It also announced the first close of its new growth fund, targeting a final fund size of an additional $100 million.

Nick Tomaino's 1confirmation, a venture firm backed by high-profile investors including Peter Thiel, Marc Andreessen and Mark Cuban, launched a $100 million NFT fund. The fund will invest in bluechip NFT collections like CryptoPunks and Nouns as well as in NFT projects focused on as gaming, art, photography and music. 

Crypto hardware wallet maker Ledger and VC firm Cathay Innovation launched a €100 million ($110 million) fund named Ledger Cathay Capital. The fund will invest in early-stage startups across areas such as DeFi, security, infrastructure and digital ownership technologies. 

Solana Ventures and Solana Foundation launched a $100 million investment and grant fund in Korea. The fund will back web3 projects focused on GameFi, NFTs and DeFi.

Web3-focused investment firm Reciprocal Ventures closed its second fund worth $68.5 million. The firm, an early investor in Solana and The Graph, plans to continue investing in early-stage protocols (tokens) and companies (equity) across the crypto sector. 

Ascend Vietnam Ventures, an investor in crypto firms like Axie Infinity developer Sky Mavis, raised over $50 million for its flagship fund AVV Alpha. The fund plans to invest across sectors, including e-commerce and crypto. 

Crypto-focused VC IOBC Capital raised $50 million for its first fund. It will focus on investing in the web3 infrastructure space. 

A new crypto venture capital firm and startup accelerator named Layer Three Ventures launched with $30 million in capital. The fund plans to invest in pre-seed stage web3 startups. 

A new crypto VC firm named Canonical Crypto debuted with $20 million in capital. Its backers include Marc Andreessen and Chris Dixon of a16z, Shan Aggarwal of Coinbase Ventures, Amy Wu of FTX Ventures and Haseeb Qureshi of Dragonfly Capital. Canonical Crypto is interested in mainly backing early-stage web3 infrastructure startups.

AC Capital raised $20 million for its second crypto fund. The fund will invest in early-stage web3 projects in areas including infrastructure, GameFi, NFTs and the metaverse.

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