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© Reuters. Crunchbase: Web3 startup funding down 82% year-over-year
Venture capital (VC) funding to Web3 startups plunged 82% year over year (YoY), decreasing from $9.1 billion in Q1 2022 to $1.7 billion, according to Crunchbase data in Q1 2023.
Crunchbase News highlighted the data in an April 20 report, noting that the $1.7 billion figure for the first quarter of 2023 also indicates the lowest amount of funding for Web3 startups compared to $1.1 billion in Q4 2020, by which time “many people had never heard of Web3.”
In that context, Web3 startups are defined as early-stage companies that work directly with crypto or blockchain technology (or both).
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