- Crypto projects raised $35 million this week.
- Analysts expect crypto VC deals to crest $18 billion in 2025.
Animal spirits are back.
This week, six industry projects raised just under $35 million in a clear sign that venture capitalists and other investors are poised to plough more capital into a surging crypto market.
Those deals pushed the total amount invested in crypto projects to about $7.4 billion this year, an 85% jump over 2024, according to data from DefiLlama.
“We’re in a bull market and, usually, you have a lot more activity in bull markets,” Utkarsh Ahuja, managing partner at Moon Pursuit Capital, a hedge fund and venture capital firm, told DL News.
PitchBook, the VC research firm, forecasts that investors will inject $18 billion into crypto projects in 2025.
Here are the three projects that raised the biggest deals this week.
Prpl, $9 million
This week, perpetual futures exchange Prpl bagged $9 million in a round led by Dragonfly Capital.
Other investors included Ergonia, Mirana, BHD, Hashkey, L1D, CMS, and Breed.
“Our vision is to eliminate the inefficiency of opaque centralised financial systems by building a best-in-class pricing engine on the most performant infrastructure,” Prpl said in a statement.
The platform is built on Monad.
KYD Labs, $7 million
Brooklyn based KYD Labs secured a $7 million seed round this week. A16z crypto, Andreessen Horowitz’s blockchain arm, led the raise. Finality Capital Partners, Ambush and Techstars also supported the raise, KYD Labs said.
The firm set up its Solana blockchain-based ticketing platform to give artists and venues control over ticket sales, fan data, and revenue.
The idea is to free them from “outdated systems and intermediaries have kept venues and artists disconnected from their fans and cut off from the profits they generate,” the startup said on its website.
Turtle Club, $6.2 million
Web3 distribution protocol Turtle Club secured a $6.2 million seed round this week.
Theia led the raise. Other investors participating included Consensus, Laser Digital, and L2 Iterative Ventures.
Turtle Club says its mission is to help “monetise the activities of users by bringing off chain rewards onchain to encourage a much more transparent, accessible, and efficient capital market structure.”
You’re reading the latest installment of The Weekly Raise, our column covering fundraising deals across the crypto and DeFi spaces, powered by DefiLlama.
Eric Johansson is DL News’ News Editor. Got a tip? Email at [email protected].
