TL;DR

• Messari just dropped its Q3 2023 State of Crypto Fundraising ​report​.

• Q3 marked new lows in both overall funding amounts and deal counts, lows which hadn’t been seen since Q4 2020.

• The majority of deals that happened in Q3 were concentrated in early stage rounds (Pre-Seed, Seed, and Series A deals) and in infrastructure, and ​DeFi​.

Full Story

Messari just dropped its Q3 2023 State of Crypto Fundraising ​report​, and it's about as shocking as your uncle Steve’s drunk tweets.

(Not pretty, to say the least).

Q3 marked new lows in both overall funding amounts and deal counts, lows which hadn’t been seen since Q4 2020.

In short, we're knee-deep in the bear market swamp, and it's not exactly a pool party out here (see gif).

One interesting thing to note however:

The majority of deals that happened in Q3 were concentrated in early stage rounds (Pre-Seed, Seed, and Series A deals) and in infrastructure, and ​DeFi​.

What does that mean? Well, the pitch of “our integrated ​Web3​ technology is going to…something, something, something…change the world!!!”?

It ain’t flyin’ anymore (thank god!)

Investors want to see real, obvious utility.

(Otherwise they're not spending a cent).