Blockchain startups raised $5.74 billion in funding in H1 2024, a 64% decrease compared to the same period in 2023. Africa turned out to be the region with the biggest drop in performance.
According to a report by Swiss venture capital firm CV VC, blockchain startups around the world raised $5.74 billion in funding this year, with $10.66 billion received in H1 2023. Thus, the global blockchain startup funding slumped by 64%.
There were only 678 deals in 2024, down 49% from 1,306 deals in the same period in 2023. Globally, blockchain startup funding this year represents only 3.5% of total venture funding and 5.9% of total deals.
The report states that blockchain startups from Africa showed the biggest decline in funding. They managed to raise only $34.7 million this year, down 74% from last year, when African startups received $135.4 million in venture capital. However, despite the decrease in financing in the region, a 9% rise in the number of deals was recorded. Analysts say that blockchain startups remain active in the region. Their funding in Africa accounted for 6.4% of total venture capital funding and 12.5% of all deals in the region.
The report also indicates that blockchain startup funding grew in Asia and North America by 2 and 4 percentage points, respectively. For instance, blockchain startup funding in the U.S., Canada, and Mexico accounted for 49.1% of all venture capital in the sector. And companies in Asia, while growing, receive only 18.3% of total blockchain startup funding globally. In Europe, the level of funding decreased by 4 percentage points, but the region still ranks second with a 21.2% share of total venture capital.
A recent study showed that about 31% of new startups in H1 2024 were launched in Europe, with another 27% and 5.2% in Asia and Africa, respectively.
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