This report offers an overview of the fundraising deals within the global crypto market in May 2024. The goal is to generate valuable information that can be used to pinpoint distinct crypto and blockchain market trends and anticipate future developments. CoinCarp will stay abreast of the changes and developments in the crypto landscape and release a monthly report to keep its readers informed. If you have any feedback, we would be delighted to hear from you.

Crypto Fundraising Global Landscape

In May, the total number of crypto fundraising deals was 166, a decrease of -3.49% from 172 in April 2024; the total financing in May was US$9.82B, a 694.38% increase from the previous month. 8.43% of the crypto projects are in the Debt Financing series stage. From the perspective of fundraising scale, there were 23 projects of fundraising above $10M, which has increased 27.78%, compared to April 2024. 4 projects of fundraising above $100M, which has increased 300%, compared to April 2024. By geography, a total of 28 projects founded in the United States of America received $8.82B, becoming the country with the largest number of crypto fundraising projects in the world. Among the $10M fundraising deal projects, mainly the United States of America, Switzerland, Turkey, and Singapore.

Crypto Fundraising Deal Count by Sector

In May, out of the 166 projects that were successfully financed, 42 of them were Web 3.0 projects, constituting 25.3% of the total projects. These projects raised a total of US343.07M, which is 25.3% of the total funds raised that month. This amount is US$181.62M higher than the funds raised in April 2024.

Out of the 166 Web 3.0 projects, the most relevant are those related to the Gaming category, with 10 being in the Gaming category and 5 in the Social network category.

In addition to AI, Security, APIs, and Developers, other categories of related Web 3.0 projects.

In May, a total of 52 projects involving blockchain infrastructure received $9.05B in funding, representing 92.08% of all financing.

There were 38 DeFi-related projects, making up 22.89% of all financing projects in May. The total amount of DeFi-related projects raised was $170.11M, representing 1.73% of the total financing, this was a decrease -33.67% compared to April 2024.

In May, 6 CeFi projects were funded, comprising 3.61% of the total number of financing projects. Altogether, these projects raised $147.70M, which was 1.5% of the total financing in May, representing a 392.75% increase from April 2024.

Additionally, there were 6 NFT projects that have received a total of $28.50M in financing. Representing 0.29% of all funding, this was an increase of 270.13% compared to April 2024.

Crypto Fundraising Deal Count by Transaction Type

The majority of raised funds for the crypto market come from Debt Financing rounds, the total amount is $7.50B in May. The biggest Debt Financing round fundraising is $7.50B, when CoreWeave gets funds in May 2024.

Number of Investments by Investors

In May, Animoca Brands had the most investments, with a total of 16 projects, including 6 Web3, 5 Others, 4 Infrastructure, 1 NFTs, and 1 DeFi project.

Also, Cogitent Ventures has invested in 9 projects, with 2 of those investments going towards Infrastructure projects, 6 towards DeFi projects, 2 towards Infrastructure projects, and 1 towards Web3 projects other investment institutions\VC funds such as Web3, etc. also invested in more than one project in May.

Top 5 Crypto Fundraising Deals In May

• CoreWeave($7.50B) | Founded in 2017 by Intrator, Brian Venturo and Brannin McBee, CoreWeave is a specialized cloud provider, delivering a massive scale of GPUs on top of the industrys fastest and most flexible infrastructure. — with participation from Altimeter Capital, BlackRock, Blackstone, Coatue, Coatue, Daniel Gross, Fidelity, Lykos Global Management, Magnetar Capital, Magnetar Capital, Magnetar Capital, Nat Friedman, Nvidia
• CoreWeave($1.10B) | Founded in 2017 by Intrator, Brian Venturo and Brannin McBee, CoreWeave is a specialized cloud provider, delivering a massive scale of GPUs on top of the industrys fastest and most flexible infrastructure. — with participation from Altimeter Capital, BlackRock, Blackstone, Coatue, Coatue, Daniel Gross, Fidelity, Lykos Global Management, Magnetar Capital, Magnetar Capital, Magnetar Capital, Nat Friedman, Nvidia
• Farcaster($150.00M) | Farcaster is a protocol for building decentralized social apps — with participation from 1confirmation, a16z crypto, A_capital, Andreessen Horowitz(a16z), Ansa Capital, Archetype, Balaji Srinivasan, Canonical Crypto, Chapter One, Coinbase Ventures, Elad Gil, First Round Capital, Floodgate, Haun Ventures, Haystack, Mischief, Multicoin Capital, Offline Ventures, Paradigm, Proof Group, Punk 6529, Ray Tonsing, Ribbit Capital, Scalar Capital, Standard Crypto, Standard Crypto, Todd and Rahul’s Angel Fund, Union Square Ventures, Variant, Volt Capital
• Bitdeer($150.00M) | Bitdeer is a world-leading technology company for blockchain and high-performance computing — with participation from Tether
• Babylon($70.00M) | Babylon project designs security protocols that scale Bitcoin to secure the decentralized world — with participation from ABCDE, Amber Group, Binance Labs, Breyer Capital, Bullish, Castle Island Ventures, Finality Capital Partners, Framework Ventures, Galaxy, Hack VC, Hack VC, Hashkey Capital, HTX Ventures, IOSG Ventures, Mantle, OKX Ventures, Paradigm, Polychain Capital, Polychain Capital, Polygon, Symbolic Capital, viaBTC Capital

* The data presented is based on information extracted from CoinCarp Fundraising Database. Announced deals were used in the analysis. Some announced deals might not go on to complete, where deals have failed to complete and were indicated in the data as canceled or withdrawn, they were removed from our dataset. The deal count figures presented in this report refer to the number of deals announced, and whether or not a value has been disclosed for the deal.