Key Takeaways
- • Crypto venture funding reached $1.65 billion in October, more than doubling from the prior month, according to Odaily.
- • Prediction-market platform Kalshi accounted for 61% of the total after raising $1 billion in a Series G round.
- • Excluding Kalshi, other crypto projects raised a combined $651 million, below September's industry total of $665 million.
- • Deal count edged up to 46 from 44 in September, but remained far below 116 deals in October of the prior year.
- • The top 10 deals represented 91% of total funding, with payments ($342 million, including Whop's $200 million raise) and real-world assets ($137 million) the largest sectors.
Summary
Crypto companies raised $1.65 billion in venture funding in October, more than double the previous month, according to crypto-focused media outlet Odaily. However, the figure was heavily concentrated: prediction-market platform Kalshi accounted for 61% of the total with a $1 billion Series G round, which Odaily reported on November 9.
Excluding Kalshi, all other projects raised a combined $651 million, below the industry's total of $665 million in September. Excluding the two largest deals, funding totaled $451 million, little changed from $455 million in September. Deal activity was steady, with the number of transactions rising slightly to 46 from 44 in September, though still well below the 116 deals recorded in the same month last year.
Early-stage activity showed modest growth. Seed and pre-seed investment rose 8% from the prior month to $123 million across 20 deals.
By sector, payments attracted 12 deals worth a combined $342 million, including Whop's $200 million raise. Real-world assets (RWA) drew $137 million, led by Spiko's $90 million and Meanwhile's $37.5 million raises.
A total of 155 institutions participated in deals during October, up 16% from September. Tether was the most active investor, taking part in four deals, while Sequoia Capital participated in three, leading all investors on that measure. The top 10 deals accounted for 91% of total funding. The industry also disclosed 13 mergers and acquisitions over the period, though not all transaction values were made public.
Excluding Kalshi, all other projects raised a combined $651 million, below the industry's total of $665 million in September. Excluding the two largest deals, funding totaled $451 million, little changed from $455 million in September. Deal activity was steady, with the number of transactions rising slightly to 46 from 44 in September, though still well below the 116 deals recorded in the same month last year.
Early-stage activity showed modest growth. Seed and pre-seed investment rose 8% from the prior month to $123 million across 20 deals.
By sector, payments attracted 12 deals worth a combined $342 million, including Whop's $200 million raise. Real-world assets (RWA) drew $137 million, led by Spiko's $90 million and Meanwhile's $37.5 million raises.
A total of 155 institutions participated in deals during October, up 16% from September. Tether was the most active investor, taking part in four deals, while Sequoia Capital participated in three, leading all investors on that measure. The top 10 deals accounted for 91% of total funding. The industry also disclosed 13 mergers and acquisitions over the period, though not all transaction values were made public.
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