Web3 startups have successfully raised $9.6 billion in venture capital during the second quarter of 2025, marking the second-largest funding total on record despite experiencing a reduction in the number of deals to the lowest point in two years.
- Key Highlights:
- Web3 startups amassed $9.6 billion across 306 deals in Q2, illustrating a robust funding climate.
- Series A fundraising rebounded, achieving a median round size of $17.6 million, making it the largest in over two years.
- Valuable infrastructure projects, including validator liquidity and compute networks, commanded significant funding, with median round sizes between $70 million and $112 million.
The data, compiled by Outlier Ventures, indicates a shift in investor behavior towards securing larger amounts in fewer but more promising projects, as the market matures. The research suggests that the fundraising ecosystem is evolving, with a growing emphasis on foundational infrastructure over mere volume.
Despite a total of only 306 disclosed deals—indicative of the lowest deal count since mid-2023—increment in median deal sizes across the board reflects a shift to more strategic investments. Series A funding saw a revival, while seed funding also grew, with median sizes reaching $6.6 million.
In terms of token fundraising, private token sales raised $410 million across just 15 deals, the strongest performance since 2021, whereas public token sales dramatically declined by 83%, highlighting a weaker appetite for retail-focused initiatives.
“Capital is consolidating around projects capable of laying the groundwork for the next phase of adoption,” remarked Outlier, underlining the indispensable nature of infrastructure-first investments for the future growth of Web3.
