Web3 Funding Hits $9.6B in Q2 Amid Fewer, Larger Deals

Web3 startups secured $9.6 billion in venture capital during Q2 2025, marking the second-highest quarterly total on record despite a multi-year low in deal count, per Outlier Ventures. The London-based VC firm's findings signal a maturing market where capital consolidates around fewer, high-conviction bets.

Median deal sizes ROSE across all stages as investors pivoted from speculative bets to foundational infrastructure and proven teams. Series A rounds staged a notable recovery, with median funding reaching $17.6 million across 27 deals—the strongest showing since 2022. Seed rounds followed suit, climbing to a $6.6 million median.

Token fundraising revealed diverging trends: private sales surged to $410 million across just 15 deals, while public offerings cratered 83% to $134 million. Infrastructure projects dominated sectoral interest, with compute networks and validation protocols attracting disproportionate capital.