According to Outlier Ventures executive Gvantsa Chkuaseli, there are reasons to be positive, and despite the difficulties, interest is still high in VC.
Executive Gvantsa Chkuaseli Remains Positive as VC Funding Declines
Venture capital (VC) funding saw one of its worst quarters since 2021 as crypto values continued to decline. Despite this, business leaders, such as Gvantsa Chkuaseli, in the sector are nevertheless upbeat about the future prospects of their sector.
Statistics Very Bad in the Second Quarter of 2023
The second quarter of 2023 had one of the poorest performances in terms of crypto fundraising, according to the crypto analytics portal RootData. In the first quarter of 2023, there were about $2.1 billion across 292 funding rounds, down 83% from the first quarter of 2022, when $12.62 billion across 559 funding rounds were raised.
Chkuaseli Says Activity Increasing
According to Chkuaseli, activity has increased despite the decline in Q4 2022. Chkuaseli interprets this as evidence that investors have a significant belief in the long-term potential of blockchain.
We can see with our own portfolios, such as Mawari’s recent $6.5 million seed round co-led by Blockchange Ventures and Decasonic, and Zinc’s $5 million Series A, that there is interest despite the challenging conditions,
Chkuaseli
The Success of Fetch.ai
Chkuaseli continued by saying that some investors don’t seem deterred by the current downturn and keep supporting early-stage businesses in the industry.
We still believe, though, there are reasons to be optimistic,
Chkuaseli
The CEO emphasized that fetch.ai secured $40 million in funding from DWF Labs earlier this year as evidence of the enormous interest in firms that are AI-focused.
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