The industry continued to grow, marked by key trends: Early-stage valuations keep rising, down rounds are growing less frequent, and the Bay Area still reigns supreme. See all the best data in our latest report.

The total cash raised and count of instruments both dipped a bit in Q3, but the broader picture shows that total pre-seed funding activity in 2025 will likely outpace 2024.

Years of regulatory muddiness created uncertainty among crypto startups, but a wave of new regulation could represent an opening of the floodgates for VC funding.