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Web3 startups secured $9.6 billion in venture capital during the second quarter of 2025, marking the second-highest quarterly total ever recorded, even as the number of transactions fell to a multi-year low.
Key Takeaways:
- Web3 startups garnered $9.6B in Q2 2025 despite a decline in deal volume to a multi-year low.
- Investors are opting for fewer, larger funding rounds in infrastructure-centric areas such as validator networks and computing.
- Private token sales experienced a significant increase, while public sales decreased, indicating a shift towards strategic, institution-led fundraising.
As per Outlier Ventures’ most recent report, only 306 deals were reported during Q2, the lowest number since mid-2023.
Nonetheless, median deal sizes increased across all stages, indicating a trend towards more substantial, infrastructure-focused investments.
Web3 Funding Shifts to Fewer, Bigger Bets on Core Infrastructure
Outlier’s report indicates that the market is evolving: investors are now favoring fewer, larger rounds for essential projects rather than broad exposure to early-stage speculation.
Series A funding, which had been sluggish in the post-bear market landscape, experienced a notable resurgence. The median Series A round climbed to $17.6 million across 27 deals totaling $420 million, the highest level since early 2022.
Seed rounds also saw a recovery, with a median of $6.6 million, while pre-seed remained stable at $2.35 million.
Infrastructure led the way in capital raised. Cryptocurrency infrastructure startups recorded a median round of $112 million, followed by Mining & Validation at $83 million, and Compute Networks at $70 million.
These sectors drew concentrated interest from funds focusing on long-term scalability and foundational technologies, including validator networks, rollup layers, and computing primitives for AI-aligned consensus models.
In contrast, consumer-oriented sectors such as marketplaces and entertainment exhibited moderate deal sizes and limited momentum.
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Investor attention has shifted significantly towards infrastructure-for-consumer initiatives, high-functionality platforms that connect technological depth with user experience.
Token fundraising displayed a divided trend. Private token sales accumulated $410 million across just 15 deals, marking the strongest private performance since 2021, fueled by strategic treasury deals and rollup ecosystems.
Conversely, public token sales plummeted 83% from the previous quarter to $134 million, as retail interest diminished.
Outlier Ventures characterized the trend as “capital consolidation around the rails of the next cycle.”
Pure Crypto’s First Fund Soars Nearly 1,000%
As reported, Pure Crypto, a relatively low-profile entity in the digital asset sector based outside Chicago, has attracted attention after announcing that its flagship fund has surged nearly 1,000% since its launch in 2018.
What started as a crypto initiative within a traditional wealth management firm has evolved into a $60 million fund, supported by a robust strategy and family office investments.
Founded by Jeremy Boynton, who also manages Laureate Wealth Management, and operated alongside partner Zachary Lindquist, Pure Crypto has expanded into a $100 million crypto-focused fund of funds.
The pair is now preparing to raise funds for their fourth fund, which they believe will capitalize on what they perceive as the final wave of venture-style returns in crypto.
“We think this is maybe the last hurrah in the venture capital-esque nature of crypto returns,” Boynton stated.
As regulations become more established, such as the recent stablecoin legislation signed into law by former President Donald Trump, and major corporations consider integrating digital currencies, they anticipate the days of extraordinary gains coming to an end.
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