Key Month-on-Month Metrics
Total funding fell to $1,812.6M in April from $2,557.8M in March, a $745.1M month-over-month decrease, against $1,395.8M in April 2025. The number of rounds moved to 60 from 68, and median round size to $5.0M from $8.0M. Unique investors fell to 200 from 215.
One round accounts for 66% of the month's total. Kalshi raised $1,200.0M, so the headline figure describes that deal more than it describes the market. Excluding it, April raised $612.6M across the remaining 59 rounds.
By sector, DeFi led with 10 (-5.2 against its 12-month baseline), RWA 6 (+2.2), AI 6 (+0.4).
One round accounts for 66% of the month's total. Kalshi raised $1,200.0M, so the headline figure describes that deal more than it describes the market. Excluding it, April raised $612.6M across the remaining 59 rounds.
By sector, DeFi led with 10 (-5.2 against its 12-month baseline), RWA 6 (+2.2), AI 6 (+0.4).
| Mar 26 | Apr 26 | MoM | |
|---|---|---|---|
| # of rounds | 68 | 60 | ▼-11.8% |
| Med. Round size (MM) | 8.0 | 5.0 | ▼-37.5% |
| Unique investors | 215 | 200 | ▼-7.0% |
| Round Med. # investors | 3.0 | 3.5 | ▲16.7% |
Largest investments
Kalshi announced a round of 1,200,000,000 on 03 Apr 2026. Kalshi is a CFTC-regulated event derivatives exchange where users trade binary contracts (yes/no) on real-world outcomes
Kraken announced a round of 200,000,000 on 14 Apr 2026. Investors: Deutsche Borse Group. Payward is a digital asset infrastructure company providing services across trading, custody, payments, lending, and on-chain finance. It connects crypto, tokenized assets, and traditional finance through a regulated, global platform operating across multiple jurisdictions
Slash announced a round of 100,000,000 on 16 Apr 2026. Investors: Ribbit Capital, Khosla Ventures, Goodwater Capital. Slash is a neobanking platform for online businesses, offering accounts, cards, transfers, and accounting integrations with support for crypto-fiat management. It focuses on specialized use cases like e-commerce and crypto-native firms, providing streamlined financial operations without traditional banking overhead
Pharos announced a round of 44,000,000 on 08 Apr 2026. Investors: SNZ Holding, Chainlink, Flow Traders. Pharos is a high-performance Layer 1 blockchain with EVM compatibility, designed for scalable decentralized applications. It offers fast finality, reduced storage costs, and AsyncBFT-based security, supporting use cases across DeFi, RWAs, DePIN, and cross-chain interoperability
Fence announced a round of 20,000,000 on 29 Apr 2026. Investors: Galaxy Digital, ParaFi Capital, Crane Ventures Partners. Fence Finance is a SaaS platform that automates debt facility operations for businesses and lenders, including reporting, payments, and compliance workflows. It provides real-time debt data to improve transparency, reduce operational overhead, and support better investor decision-making
Kraken announced a round of 200,000,000 on 14 Apr 2026. Investors: Deutsche Borse Group. Payward is a digital asset infrastructure company providing services across trading, custody, payments, lending, and on-chain finance. It connects crypto, tokenized assets, and traditional finance through a regulated, global platform operating across multiple jurisdictions
Slash announced a round of 100,000,000 on 16 Apr 2026. Investors: Ribbit Capital, Khosla Ventures, Goodwater Capital. Slash is a neobanking platform for online businesses, offering accounts, cards, transfers, and accounting integrations with support for crypto-fiat management. It focuses on specialized use cases like e-commerce and crypto-native firms, providing streamlined financial operations without traditional banking overhead
Pharos announced a round of 44,000,000 on 08 Apr 2026. Investors: SNZ Holding, Chainlink, Flow Traders. Pharos is a high-performance Layer 1 blockchain with EVM compatibility, designed for scalable decentralized applications. It offers fast finality, reduced storage costs, and AsyncBFT-based security, supporting use cases across DeFi, RWAs, DePIN, and cross-chain interoperability
Fence announced a round of 20,000,000 on 29 Apr 2026. Investors: Galaxy Digital, ParaFi Capital, Crane Ventures Partners. Fence Finance is a SaaS platform that automates debt facility operations for businesses and lenders, including reporting, payments, and compliance workflows. It provides real-time debt data to improve transparency, reduce operational overhead, and support better investor decision-making
Credits and Disclaimers
Data Source: The data presented in this report is sourced from DefiLlama's funding rounds database. We acknowledge and appreciate their work in providing valuable insights into the web3 funding landscape. Issues up to and including March 2026 were compiled from Token Terminal and Crunchbase; the whole series has since been restated on a single source so that figures are comparable across months.
Methodology: The rounds included are those DefiLlama records as web3 fundraising, categorised by its own sector taxonomy. Each round is counted once, in the month it was announced. Where a round names several investors, each is counted once per round for the purposes of the investor ranking, and a round may appear under only one sector.
A note on valuation: earlier issues reported a median round valuation. Fewer than one round in ten discloses a valuation, so that median rested on a handful of observations each month and moved on sampling noise rather than on the market. It has been withdrawn rather than reported with a precision the data cannot carry. Median round size, which is disclosed for almost every round, is reported in its place.
Accuracy Disclaimer: While every effort has been made to ensure the accuracy of the information presented in this report, FinDaS does not guarantee the completeness, accuracy, or reliability of the data. Users are advised to independently verify the information before making any business decisions based on the content of this report.
Potential Bias Notice: It is important to note that the data provided in this report may exhibit biases, primarily towards fundraising activities supported by large investors and deals in the United States. Since the majority of pure token sales are largely unregistered, this report is likely to underrepresent them. This bias is inherent to the data source and may not fully represent the global web3 funding landscape. Users are encouraged to consider this limitation when interpreting the findings.
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