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 report, even because the variety of offers fell to multi-year lows, in accordance with a brand new report by Outlier Ventures.
The analysis by the London-based enterprise capital agency might current a maturing market through which buyers are placing more cash into fewer tasks.
The findings counsel that Web3 fundraising is evolving from hype-driven exercise towards focused, durability-focused funding, with buyers favoring foundational infrastructure and confirmed groups over quantity.
Solely 306 offers had been disclosed within 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.
Sequence A funding, which had slowed sharply in the course of the bear market, staged a comeback. The median Sequence A spherical grew to $17.6 million, with 27 offers totaling $420 million, the most important since 2022. Seed funding additionally picked up, with a median dimension of $6.6 million.
Token fundraising painted a break up image. Personal 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 reminiscent of cryptocurrency infrastructure, mining and validation, and compute networks noticed the most important rounds, with medians ranging between $70 million and $112 million. Client-facing sectors, reminiscent of marketplaces, trailed considerably.
“Capital is consolidating across the tasks that may present the rails for the subsequent part of adoption,” Outlier wrote, including that infrastructure-first bets are considered as “indispensable” to Web3’s long-term development.