This report provides an overview of Web3 fundraising activity in April 2025. A total of 94 fundraising events were recorded during the month, amounting to $2.37 billion in total funding. Both the number and scale of deals declined, reflecting a noticeable market cooldown. April also witnessed a significant structural shift in the Web3 fundraising landscape: investor enthusiasm waned, and capital allocation strategies shifted from a “wide-net” approach to more “structured bets.” CeFi remained in a leading position, traditional fundraising methods made a comeback, and capital increasingly flowed toward later-stage projects with commercial viability and integration capabilities. The report also highlights key fundraising cases such as ZAR, Pencil Finance, CAP, Camp Network, and Blackbird.

Key Takeaways:

• Fundraising Overview:
  In April 2025, the Web3 industry saw 94 funding deals totaling $2.37 billion, marking a decline in both volume and deal count. This market cooldown may be attributed to several factors: a wait-and-see sentiment following the concentrated capital deployment in Q1; broader market corrections or tightening regulatory expectations; and potentially a shift of some funding activities toward more private or strategic stages, reducing the number of publicly disclosed large-scale deals.
• Return of Traditional Financing Methods:
  M&A and structured financing dominated large transactions. Notable examples include Ripple’s $1.25 billion acquisition of Hidden Road, indicating a market preference for projects with strong integration capacity, robust risk controls, and mature development trajectories.
• Hot Sectors and Fundraising Distribution:
  In April, fundraising was primarily concentrated in CeFi ($1.15 billion) and blockchain services ($602 million), followed by DeFi and Social sectors. This signals that capital is gravitating toward Web3 companies with the ability to integrate with traditional finance and pursue clear regulatory pathways. The Web3 funding landscape is shifting from “scattershot support” to “structured bets,” with mid-to-large-sized projects taking the lead. Notably, projects raising over $10 million accounted for 47% of all deals, reflecting investor preference for ventures with proven commercialization potential and growth validation.
• Active Funding Rounds and Institutional Investors:
  Funding rounds showed a “small at both ends, large in the middle” pattern, with capital clearly concentrating on mid-to-late-stage projects. While seed rounds represented the largest share by count (41.4%), Series C rounds attracted the highest amount of capital—23.7% of total funding—demonstrating investor focus on mature projects with scalability potential. Coinbase Ventures led with investments in 10 projects across DeFi, CeFi, and blockchain infrastructure, followed closely by 1kx, a16z CSX, and others.
• Leading Projects Show Strong Momentum:
  Projects such as ZAR, Pencil Finance, CAP, Camp Network, and Blackbird demonstrated robust growth throughout April. Their success not only validates the market’s recognition of innovation but also injects renewed momentum and confidence into the broader Web3 industry.

Gate Reach is a comprehensive blockchain and cryptocurrency research platform that provides readers with in-depth content, including technical analysis, trending insights, market reviews, industry research, trend forecasts, and macroeconomic policy analysis.

Disclaimer
Investing in the cryptocurrency market involves high risk. Users are advised to conduct independent research and fully understand the nature of the assets and products before making any investment decisions. Gate.io is not responsible for any losses or damages arising from such investment decisions.

Gate.io Team
May 13, 2025

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