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Crypto Startups Face Fundraising Challenges in 2023

11/01 02:10

1.62%

7.48%

According to Bloomberg, cryptocurrency startups faced a challenging 2023, with venture capital investment in the industry totaling just $9.5 billion, less than a third of the amount raised in 2022. Data from research firm PitchBook revealed that the fourth quarter was particularly difficult for many startups, even as the price of Bitcoin continued to rise. Non-fungible tokens (NFTs) also experienced a decline, with sales dropping 63% to $8.7 billion last year, according to NFT data tracker CryptoSlam. Startups are now exploring alternative uses for NFTs, such as tracking carbon credits. Despite the challenges, some companies managed to secure funding, like crypto data platform Tres Finance, which raised $11 million in Series A funding. Positive developments in the industry include the potential approval of Bitcoin exchange-traded funds by the US Securities and Exchange Commission and the anticipation of increased venture funding in the first quarter. Kate Laurence, CEO of venture fund Bloccelerate VC, expressed optimism for the future, particularly in backing startups focused on blockchain and artificial intelligence, as well as financialized use cases for NFTs. However, she remains cautious following the tumultuous year for startups in 2023.

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