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).


Mar 26Apr 26MoM
# of rounds6860▼-11.8%
Med. Round size (MM)8.05.0▼-37.5%
Unique investors215200▼-7.0%
Round Med. # investors3.03.5▲16.7%

Investment amount MoMMar 2026 2,557.8, Delta -745.1, Apr 2026 1,812.60.0500.01,000.01,500.02,000.02,500.03,000.0Investment amount MoM2,557.8Mar 2026-745.1 (-29%)Delta1,812.6Apr 2026
Investment amount Last YearApr 2025 1,395.8, Delta 416.8, Apr 2026 1,812.60.0500.01,000.01,500.02,000.0Investment amount Last Year1,395.8Apr 2025416.8 (30%)Delta1,812.6Apr 2026
Investment amount (MM)2026: May 2025 628.7, Jun 2025 2,519.1, Jul 2025 2,669.9, Aug 2025 1,905.7, Sep 2025 3,246.4, Oct 2025 3,886.2, Nov 2025 2,599.3, Dec 2025 815.4, Jan 2026 1,496.1, Feb 2026 895.2, Mar 2026 2,557.8, Apr 2026 1,812.6; 2025: May 2025 797.5, Jun 2025 483.3, Jul 2025 553.0, Aug 2025 641.6, Sep 2025 659.3, Oct 2025 857.2, Nov 2025 842.4, Dec 2025 1,579.8, Jan 2026 1,271.3, Feb 2026 1,016.2, Mar 2026 3,557.1, Apr 2026 1,395.8Investment amount (MM)202620250.01,000.02,000.03,000.04,000.0May 2025: 628.7Jun 2025: 2,519.1Jul 2025: 2,669.9Aug 2025: 1,905.7Sep 2025: 3,246.4Oct 2025: 3,886.2Nov 2025: 2,599.3Dec 2025: 815.4Jan 2026: 1,496.1Feb 2026: 895.2Mar 2026: 2,557.8Apr 2026: 1,812.6May 2024: 797.5Jun 2024: 483.3Jul 2024: 553.0Aug 2024: 641.6Sep 2024: 659.3Oct 2024: 857.2Nov 2024: 842.4Dec 2024: 1,579.8Jan 2025: 1,271.3Feb 2025: 1,016.2Mar 2025: 3,557.1Apr 2025: 1,395.8MayJunJulAugSepOctNovDecJanFebMarApr
Median round size (MM)2026: May 2025 5.0, Jun 2025 5.1, Jul 2025 10.0, Aug 2025 6.8, Sep 2025 7.0, Oct 2025 8.1, Nov 2025 7.0, Dec 2025 5.3, Jan 2026 8.2, Feb 2026 4.4, Mar 2026 8.0, Apr 2026 5.0; 2025: May 2025 5.2, Jun 2025 7.0, Jul 2025 5.8, Aug 2025 5.0, Sep 2025 5.0, Oct 2025 6.0, Nov 2025 5.3, Dec 2025 4.1, Jan 2026 5.0, Feb 2026 5.0, Mar 2026 5.0, Apr 2026 8.0Median round size (MM)202620250.02.04.06.08.010.0May 2025: 5.0Jun 2025: 5.1Jul 2025: 10.0Aug 2025: 6.8Sep 2025: 7.0Oct 2025: 8.1Nov 2025: 7.0Dec 2025: 5.3Jan 2026: 8.2Feb 2026: 4.4Mar 2026: 8.0Apr 2026: 5.0May 2024: 5.2Jun 2024: 7.0Jul 2024: 5.8Aug 2024: 5.0Sep 2024: 5.0Oct 2024: 6.0Nov 2024: 5.3Dec 2024: 4.1Jan 2025: 5.0Feb 2025: 5.0Mar 2025: 5.0Apr 2025: 8.0MayJunJulAugSepOctNovDecJanFebMarApr
Most active investors (# of deals)Coinbase Ventures 4, GSR 4, L1 Digital 3, Animoca Brands 3, Kosmos Ventures 3, Solana Ventures 2, RockawayX 2, Prelude 2, ParaFi Capital 2, Advancit Capital 2, Flowdesk 2, Auros Global 2, Haun Ventures 2, Tether 2, SV Angel 2, Further Ventures 2, Fabric Ventures 2, Maven 11 2, Susquehanna 2, Harbor Digital Ventures 2Most active investors (# of deals)024Coinbase Ventures4GSR4L1 Digital3Animoca Brands3Kosmos Ventures3Solana Ventures2RockawayX2Prelude2ParaFi Capital2Advancit Capital2Flowdesk2Auros Global2Haun Ventures2Tether2SV Angel2Further Ventures2Fabric Ventures2Maven 112Susquehanna2Harbor Digital Ve...2
Most active sectors (# of deals)DeFi 10, RWA 6, AI 6, Payments 5, L1 5, Prediction Market 4, Trading 3, Centralized Exchange 3, DePIN 2, Education 1, News 1, Infrastructure 1, Wallet 1, Analytics 1, Game 1, Betting 1, Digital Identity 1, Banking 1, Stablecoin Infrastructure 1, Stablecoin 1Most active sectors (# of deals)0246810DeFi10RWA6AI6Payments5L15Prediction Market4Trading3Centralized Exchange3DePIN2Education1News1Infrastructure1Wallet1Analytics1Game1Betting1Digital Identity1Banking1Stablecoin Infras...1Stablecoin1

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



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. Copyright Notice: This report is the intellectual property of FinDaS and is protected by copyright law. Unauthorized reproduction, distribution, or sharing of this report, in whole or in part, without the explicit permission of FinDaS is strictly prohibited. All rights reserved. No Endorsement: The inclusion of specific companies, trends, or analyses in this report does not constitute an endorsement by FinDaS. The purpose of this report is to provide information and insights, and users are encouraged to conduct their own due diligence before relying on the contents for business decisions. Limitation of Liability: FinDaS shall not be held liable for any errors, omissions, or inaccuracies in the data presented in this report, nor for any actions taken in reliance thereon. Users of this report assume full responsibility for their interpretation and use of the information contained herein. Changes to the Report: FinDaS reserves the right to modify, update, or withdraw this report at any time without prior notice. Users are advised to only access the latest version of the report available on the FinDaS website.