Venture funding to crypto startups is down significantly compared to last year, when it seemed like a new crypto unicorn was crowned every day. And the pace of fundraising by venture investors has cooled dramatically too.
The first half of last year saw a string of big crypto fund launches. In March, Haun Ventures announced it raised $1.5 billion across two funds. That same month, Electric Capital said it raised $1 billion for two funds, a $400 million venture fund for making equity investments and a $600 million fund for investing in tokens, the latter of which the firm was able to rake in because of outsized interest for its venture fund, according to a person familiar with the fundraising. And Andreessen Horowitz debuted a $4.5 billion crypto fund last May.
