This report summarizes the Web3 industry financing in September 2025. During the month, a total of 100 fundraising deals were completed, raising $2.2 billion, exhibiting a structural trend of “fewer deals, higher valuations.” This trend was primarily driven by traditional financial instruments such as PIPEs and IPOs, positioning CeFi as the leading capital-attracting sector. In terms of sector distribution, blockchain services and CeFi acted as dual drivers of capital flow. Regarding financing stages, the market showed high concentration in seed rounds—both in number and funding amount—while later-stage projects were highly selective. The report also highlights key financing projects, including Flying Tulip, Wildcat Labs, Aria, Share, and Titan.
Key Takeaways:
- Overall fundraising: On October 9, 2025, the Web3 industry completed 100 fundraising deals in September 2025, with a total funding amount of $2.2 billion. While the number of deals decreased by 12.3% month-on-month, the total funding rose 7.3%, indicating that capital is increasingly flowing toward leading and mature projects.
- Traditional capital market instruments dominate large-scale fundraising: The Top 10 largest fundraising deals were primarily completed through PIPE, IPO, and Post-IPO Debt mechanisms—traditional capital market tools. This trend highlights Web3 projects’ accelerating integration with the traditional financial system, using compliant pathways to attract institutional capital. The CeFi sector led the month, accounting for 7 out of the top 10 deals and contributing the majority of total funding, signaling a strong capital shift back to centralized institutions with real yields and regulatory potential.
- Hot sectors and funding distribution: From a sectoral perspective, Blockchain Services and CeFi formed a dual growth engine. Blockchain Services led with $889 million in total funding, surpassing CeFi, which followed closely with $806 million, demonstrating sustained capital absorption capacity. In terms of funding structure, mid-sized rounds ($3–10M) remained dominant, accounting for roughly one-third of all deals. Small rounds (<$1M) dropped from 15% to 9.7%, while large-scale rounds (>$50M) increased to 8.3%, contributing a significant portion of total capital—highlighting a top-heavy distribution.
- Active funding stages and investment institutions: The round distribution reveals a clear trend of “seed-stage dominance with selective mid-to-late rounds.” Seed rounds were the central focus in September, representing 38.6% of total deals and a substantial 40% of total funding, leading in both quantity and capital share. On the investor side, Coinbase Ventures remained the most active participant, maintaining broad exposure across multiple verticals including Blockchain Services, CeFi, DeFi, and Social sectors.
- Rapid growth of key projects: Key-funded projects like Flying Tulip, Wildcat Labs, Aria, Share and Titan—spanned multiple innovative fields, including on-chain trading, lending protocols, IP asset tokenization platforms, social trading, and decentralized exchanges (DEXs). These cases demonstrate continued exploration of emerging technologies and applications.
Gate Research is a comprehensive blockchain and cryptocurrency research platform that provides readers with in-depth content, including technical analysis, hot spot insights, market reviews, industry research, trend forecasts, and macroeconomic policy analysis.
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Gate Team
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