Web3 Funding Hit $9.6B in Q2 Despite Fewer Deals

Web3 startups raised $9.6 billion in enterprise funding in the course of the second quarter of 2025, making it the second-largest quarter on document, even because the variety of offers fell to multi-year lows, in keeping with a brand new report by Outlier Ventures.

The analysis by the London-based enterprise capital agency may current a maturing market in which buyers are placing extra money into fewer initiatives.

The findings recommend that Web3 fundraising is evolving from hype-driven exercise towards focused, durability-focused funding, with buyers favoring foundational infrastructure and confirmed groups over quantity.

Only 306 offers have been disclosed in the quarter, the bottom since mid-2023, however the median deal dimension rose throughout each stage. Outlier stated this displays a shift from broad, speculative investing to strategic, high-conviction allocations.

Series A funding, which had slowed sharply in the course of the bear market, staged a comeback. The median Series A spherical grew to $17.6 million, with 27 offers totaling $420 million, the biggest since 2022. Seed funding additionally picked up, with a median dimension of $6.6 million.

Token fundraising painted a break up image. Private token gross sales raised $410 million throughout simply 15 offers—their strongest displaying since 2021, whereas public token gross sales slumped 83% to $134 million, underscoring waning urge for food for retail-focused choices.

Sectors comparable to cryptocurrency infrastructure, mining and validation, and compute networks noticed the biggest rounds, with medians ranging between $70 million and $112 million. Consumer-facing sectors, comparable to marketplaces, trailed considerably.

“Capital is consolidating around the projects that can provide the rails for the next phase of adoption,” Outlier wrote, including that infrastructure-first bets are seen as “indispensable” to Web3’s long-term progress.