Web3 Startups Secure $9.6B in Q2 2025 as Investment Focus Shifts to Infrastructure

Web3 venture funding defied declining deal volume in Q2 2025, with startups raising $9.6 billion—the second-highest quarterly total on record. The paradox reflects a maturing market where institutional investors are concentrating capital into fewer, larger infrastructure bets rather than spreading allocations across early-stage speculation.

Median deal sizes surged across all stages, with Series A rounds hitting $17.6 million—the strongest performance since early 2022. Validator networks and compute solutions dominated the infrastructure boom, capturing median rounds of $112 million as private token sales outpaced public offerings.

The funding shift mirrors crypto's institutionalization phase, where strategic backers prioritize foundational technology over application-layer experiments. Seed rounds maintained momentum at $6.6 million medians, suggesting selective confidence in next-generation protocols despite macroeconomic headwinds.