Web3 startups raised $ 9.6 billion in venture financing over the second quarter of 2025, making it the second largest quarter on the record, even when the number of offers fell to perennial low, according to a new report from Outlier Ventures.
The research from the London-based venture capital company could present a mature market where investors put more money into fewer projects.
The results suggest that Web3-Foundraising develops from hype-driven activity towards targeted, durability-focused investments where investors favor basic infrastructure and proven teams over volume.
Only 306 agreements were revealed in the quarter, the lowest since mid -2023, but the size of the median agreement increased over all phases. Outlier said this reflects a shift from broad, speculative investments to strategic awards with high conviction.
Serie A financing, which had subsided sharply under the bear market, staged a comeback. The Median series A Round grew to $ 17.6 million, with 27 offers totaling $ 420 million, the largest since 2022. Seed financing was also picked up with a median size of $ 6.6 million.
Token Fundraising painted a shared image. The private-token sale raised $ 410 million across only 15 offers’ strongest viewing since 2021, while public token sales dropped 83% to $ 134 million, emphasizing declining appetite on retail-focused offers.
Sectors such as cryptocurrency infrastructure, mining and validation and calculation of networks experienced the largest rounds of medians between $ 70 million and $ 112 million. Consumer -facing sectors, such as marketplaces, withdrew significantly.
“Capital is consolidated around the projects that can give the rails to the next phase of the adoption,” Outlier wrote, adding that infrastructure-first efforts are considered “indispensable” for Web3’s long-term growth.
