Sample Digest – Week of 20 October 2025
Welcome to our first sample digest. In each issue we compile the most notable funding rounds, sector movements and investor activity from the previous week or month. Here’s a taste of what you can expect.
Funding highlights
Market momentum: Web3 fundraising has rebounded dramatically in 2025. In July 2025 alone, more than $7 billion was raised across 171 deals, making it the biggest monthly total of the year. Deals ranged from AI data co‑ops to DeFi leverage platforms, showing just how diverse the capital flow has become.
Mega‑raise of the month: Token‑creation platform pump.fun closed a $600 million public token sale, demonstrating the viral potential of frictionless on‑chain.
New funds launching: July saw a handful of heavyweight VC vehicles come online, including 50T Fund V ($500 m), Propel Venture Partners V ($100 m), and Ondo Catalyst ($250 m). Investors favored large‑scale funds focused on payments, infrastructure, and real‑world asset tokenization.
Early‑stage nuggets: Pre‑seed rounds remained small but focused on mission‑driven infrastructure at the intersection of AI and crypto. Data Guardians Network raised $5 million to provide bias‑audited training data, while Distinct Possibility Studios secured $30.5 million for a blockchain‑powered open‑world shooter.
Series A pulse: Infrastructure bridging Web2 and Web3 attracted serious capital. KUN raised $50 million to build integrated payment solutions for emerging markets.
Institutional comeback: Q3 2025 saw the return of institutional cheques. Notable transactions included Strategy’s $2.47 billion IPO, Forward Industries’ $1.65 billion PIPE and Bullish Exchange’s $1.11 billion private round. These deals signal a shift toward equity and hybrid funding models, giving investors exposure without the volatility of token sales.
Sector trends
CeFi dominates: Centralized finance and blockchain infrastructure captured more than 60% of Q3 funding, while DeFi and chain‑related projects accounted for about 25%, and categories like GameFi, NFTs, and SocialFi collectively fell below 10%. Investors are prioritizing projects with predictable cash flows such as exchanges, custody providers, and payment processors.
Early‑stage focus: Over two‑thirds of the 275 rounds tracked in Q3 were under $10 million, reflecting disciplined risk management and a shift toward validated innovation.
Regulatory tailwinds: Clearer guidelines on digital assets and stablecoins have improved investor confidence. U.S. venture firms, responsible for roughly one‑third of global deployment, are investing with renewed conviction.
Quick bites
Coinbase Ventures was the most active investor in Q3 with 22 deals, highlighting U.S. leadership in the latest funding cycle.
Projections put total crypto VC inflows for 2025 between $18 billion and $25 billion, making this year the strongest since 2021.
That’s it for this sample digest. In future issues, we’ll include data visualizations, investor commentary, and links to source materials. Let us know what metrics you’d like to see!