Crunchbase: Web3 VC funding in Q1 2023 is $1.7B, down 82% YoY

According to Crunchbase data, Web3 venture capital funds in the first quarter of 2023 will be US$1.7 billion, a year-on-year decrease of 82%. The number of financings in the first quarter was down 30% from last year. There were 333 deals in the first quarter, down from 369 in the previous quarter and a sharp drop from the more than 500 announced in the first quarter of 2022. The total number of transactions was the lowest since the fourth quarter of 2020. In the first quarter of 2022, there will be 29 rounds of funding exceeding US$100 million. In the first quarter of 2023, there will be only two rounds of financing exceeding US$100 million, namely Blockstream and Ledger.