Web3 Funding Hits $9.6B in Q2 2025 Amid Market Maturation

Web3 startups secured $9.6 billion in venture capital during Q2 2025, marking the second-largest quarterly haul on record despite a decline in deal volume. London-based Outlier Ventures' report suggests a maturing market, with investors concentrating capital on fewer, high-conviction projects.

The median deal size increased across all stages, reflecting a pivot from speculative bets to strategic allocations. Series A funding rebounded sharply, with 27 deals totaling $420 million—the strongest performance since 2022. Seed rounds similarly gained momentum, averaging $6.6 million per deal.

Token fundraising revealed divergent trends: private sales surged to $410 million across 15 deals, while public offerings collapsed 83% to $134 million. Capital increasingly flowed toward foundational infrastructure—including blockchain validation systems and decentralized compute networks—as the sector moves beyond hype-driven investments.