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In the first half of 2024, blockchain startups secured $5.74 billion in funding, reflecting a 64% decline compared to the same timeframe in 2023. Africa emerged as the region experiencing the most significant downturn in performance.
A report from Swiss venture capital firm CV VC reveals that blockchain startups globally raised $5.74 billion this year, in contrast to $10.66 billion in H1 2023. Consequently, the funding for global blockchain startups fell by 64%.
Only 678 deals were recorded in 2024, a decrease of 49% from 1,306 deals during the same period in 2023. This year, blockchain startup funding accounts for merely 3.5% of total venture funding and 5.9% of total deals worldwide.
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The report highlights that blockchain startups in Africa experienced the most substantial reduction in funding, raising just $34.7 million this year, a 74% drop from last year’s $135.4 million in venture capital. Nevertheless, despite the funding decline in the region, there was a 9% increase in the number of deals. Analysts note that blockchain startups continue to be active in Africa, with their funding representing 6.4% of total venture capital funding and 12.5% of all deals in the region.
Additionally, the report indicates that blockchain startup funding increased in Asia and North America by 2 and 4 percentage points, respectively. For example, funding for blockchain startups in the U.S., Canada, and Mexico constituted 49.1% of all venture capital in the sector. Meanwhile, companies in Asia, despite growth, received only 18.3% of total global blockchain startup funding. In Europe, funding levels decreased by 4 percentage points, yet the region still holds the second position with a 21.2% share of total venture capital.
A recent analysis revealed that approximately 31% of new startups in H1 2024 were established in Europe, with another 27% and 5.2% in Asia and Africa, respectively.
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