Galaxy Q1 Investment and Financing Report: VC Fundraising Cools Down, Investment Only $2.4 Billion Continues Downward Trend

Key Points Summary: Crypto VCs invested $2.4 billion in crypto startups or protocols in Q1 2023, the lowest amount in over two years (since Q4 2020). The number of investments increased compared to Q4 2022, rising to 439 deals (from 366 in the previous quarter), with growth in pre-seed investments driving most of the increase (accounting for 20% of total investments, the largest share since Q1 2021).