Gate Research: Funding Dips to $3.68B as Capital Shifts to Growth Projects and Crypto Reserves | July 2025 Web3 Fundraising Overview

This report summarizes the Web3 industry’s fundraising activity in July 2025. A total of 132 funding deals were completed during the month, with an aggregate amount reaching $3.68 billion. Capital primarily flowed into CeFi and blockchain services, reflecting a dual focus on infrastructure and services. Investment was concentrated in growth-stage projects raising between $3 million and $20 million, with Series A rounds emerging as the main battleground for capital. Meanwhile, the accelerated adoption of traditional financial instruments such as Post-IPO deals signals a deepening integration between the Web3 industry and mainstream capital markets.The report also highlights key fundraising projects including Delabs Games, Gaia Labs, Syntetika, Blockskye, and Limitless.

Key Takeaways:

• Overall fundraising: In July 2025, the Web3 industry recorded a total of 132 funding deals, with a cumulative amount of $3.68 billion, continuing the strong momentum of capital inflow. Compared to June, the number of deals increased by 10.92% month-over-month, while the total amount decreased by 28.4%. This “more deals, less capital” trend was primarily due to several large-scale fundraises in June, especially in areas such as compliant financial services, public company expansions, and deeper integration with traditional finance.
• Mainstream Crypto Treasury Holdings Becoming the Norm: Among the top 10 fundraising projects, capital showed a clear trend of concentration and institutionalization. Traditional financial instruments such as Post-IPO and PIPE (Private Investment in Public Equity) are becoming mainstream fundraising strategies. Notably, several projects explicitly stated their intention to allocate part of the raised capital to acquire BTC, ETH, SOL, and other major crypto assets as treasury reserves—a trend increasingly seen as the new norm across the industry.
• Hot sectors and funding distribution:Capital was primarily allocated to CeFi ($1.62 billion) and blockchain services ($1.4 billion), highlighting a structural trend of "infrastructure-first, service-led, and application-differentiated" development. Investors are doubling down on centralized platforms that can form complete business loops and bridge Web2 and Web3. In terms of deal size, early-stage projects are injecting vitality into the ecosystem and top-tier projects are instilling confidence—but growth-stage projects raising between $3 million and $20 million attracted the most capital (47.5%). These projects are typically in the late product-market fit (PMF) phase and preparing for scale-up—making them the focal point for current market investments.
• Active funding stages and investment institutions: In terms of funding stages, growth rounds were the most active, with Series A dominating, accounting for 44.4% of total funds raised. Capital is shifting from story-driven to growth-validated investments, with a strong focus on projects that demonstrate clear market paths, technical maturity, and commercial potential. On the investor side,the Colosseum emerged as the most active VC in July with nine investments.
• Rapid growth of key projects: Key funded projects like Delabs Games, Gaia Labs, Syntetika, Blockskye, and Limitless—span a range of innovation areas such as Web3 gaming, decentralized AI infrastructure, tokenized real-world assets (RWA), enterprise blockchain applications, and decentralized prediction markets. These projects reflect the ongoing exploration of emerging technologies and application scenarios within the Web3 space.

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

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