In May 2025, 89 Web3 and blockchain projects attracted investments, with $757.3 million flowing into 68 of them. The Incrypted editorial team has taken a deep dive into the details of these funding rounds.
Top 5 funded projects in May:
- $135 million — World (formerly Worldcoin). This digital identity project, led by OpenAI CEO Sam Altman, focuses on privacy protection and human identity verification, alongside creating an inclusive financial network. The private token sale attracted investments from notable firms including Andreessen Horowitz, Mirana Ventures, Selini Capital, Bain Capital Crypto, and Arctic Digital.
- $80 million — Meey Group. A tech company specializing in real estate solutions secured funding in an undisclosed round with participation from GEM Investments. Meey Group offers platforms such as Meey Map, Meey CRM, and Meey Atlas for property search and data exchange, along with 3D, AR, and VR visualization apps for real estate.
- $57.8 million — BTCS. The blockchain-focused company raised capital in a post-IPO funding round. Investments came from ATW Partners and Charles Allen to support the acquisition of Ethereum (ETH) tokens as part of their digital asset operations and validator node strategy.
- $41 million — Slash. This fintech platform, providing banking services including deposit accounts, corporate cards, and payment processing for businesses, closed a Series B funding round with backing from Goodwater Capital.
- $36 million — Conduit. A stablecoin-based payments platform completed its Series A funding round led by Dragonfly and Altos Ventures, with participation from Sound Ventures, Commerce Ventures, DCG, Circle Ventures, and others. The funds will be used to expand into new regions and support a broader range of traditional and digital currencies.
Undisclosed Funding Details
Throughout May, several projects secured investments but chose not to disclose specific details. Among them are Boop.Fun, Tea-Fi, AppLayer Labs, BVNK, Securitize, Redacted, Stablecorp, APX Lending, SpaceComputer, Squads, UXLINK, Taker Protocol, Astar, Impossible Cloud, Bitlayer, SuperSol, Avalon Labs, and Maelstrom Fund.
Artificial Intelligence
March saw a wave of investments flowing into the AI sector. The Incrypted editorial team has identified the five biggest funding rounds that are shaping the future of artificial intelligence.
- $1 Billion — Grammarly. The company, founded by a team with Ukrainian roots, develops an AI-powered writing assistant that offers grammar checking, plagiarism detection, and text suggestions. Grammarly recently announced a funding round led by venture firm General Catalyst. The capital will be used to scale sales and marketing efforts, as well as to pursue strategic acquisitions, according to the company.
- $900 Million — Anysphere. The creator of the Cursor solution raised funds in a round valuing the company at $9 billion. Thrive Capital led the round with participation from major players like Andreessen Horowitz (a16z) and Accel. Details of the deal and the intended use of funds remain undisclosed.
- $365 Million — Pathos. This New York-based startup, which uses AI technology to develop pharmaceuticals, secured funding in a Series D round. The company’s valuation stands at approximately $1.6 billion. The capital will be directed toward clinical trials for solid tumor treatments. The investors behind this round were not publicly disclosed.
- $100 Million — Snorkel AI. An AI platform specializing in accelerating data labeling through machine learning announced a Series D funding round led by venture firm Addition. Other investors included Greylock, QBE Ventures, Prosperity7 Ventures, BNY, and Lightspeed Venture Partners. The funds will support team expansion and the development of new features.
- $100 Million — LMArena. The developers of an AI model evaluation platform reported a successful seed funding round. Notable investors include Kleiner Perkins, Felicis, Andreessen Horowitz, The House Fund, Laude Ventures, Lightspeed Venture Partners, and UC Investments. The capital will enable the company to continue refining its products.
Dynamics
The highest volume of disclosed investments was recorded between May 17 and 24, when projects raised over $437 million. Notably, four out of the month’s top five funding rounds took place during this period. Investors showed strong interest in blockchain services and infrastructure-focused solutions, highlighting a growing appetite for foundational Web3 technologies.
Additionally, five projects announced new funding rounds on the final day of the month:
- $2M – Alph AI: The meme coin trading platform secured funding in a strategic round led by Bitrue. The investment will fuel the development of new trading tools and platform enhancements.
- $2M – Neutral Trade: The blockchain-based hedge fund Neutral Trade announced new capital injections as part of an undisclosed funding round. The round drew participation from Skyland Ventures, BlackPine, Ergonia, Enzyme Finance, and more than two dozen angel investors.
- Revolving Games: The GameFi company received seed funding from Pantera Capital. The new capital will be used to expand its gaming ecosystem and accelerate product development.
- Web3-focused startup Winks.Fun, which integrates decentralized functionality into social media platforms, has secured new funding. The undisclosed round was backed by IOSG Ventures. The capital will support ongoing development of a new interface primitive for the Ethereum Virtual Machine (EVM).
- Reddio: The Layer 2 solution provider announced backing from Paradigm, Wagmi Ventures, Gate Ventures, Skyland Ventures, Oak Grove Ventures, and others. While the team did not disclose how the funds will be used, the support reflects strong confidence in Reddio’s infrastructure ambitions.
Between May 1 and May 10, a total of 19 projects announced funding rounds, with 14 of them raising a combined $131.15 million. Among the top-funded initiatives during this period were Doppel and Sentora.
From May 10 to May 17, 17 projects reported capital injections. Of those, 11 disclosed raising $59.75 million, while the rest did not reveal funding details. Openverse Global and Perpl led this round in terms of total capital secured.
The period between May 17 and May 24 marked the most active stretch of the month, with 20 projects securing a total of $437.3 million. The largest inflows during this time went to World and Meey Group.
Finally, from May 24 to May 31, 25 projects collectively attracted $128.8 million, while two projects chose not to disclose the size of their rounds. The period’s leading funding recipients were Conduit and OpenFX.
Investors and Market Segments
According to data from CryptoRank, the most active investors in May 2025 were Alliance DAO, Selini Capital, and Arbitrum Gaming Ventures. Alliance DAO led the way with six investments, while Selini Capital and Arbitrum Gaming Ventures each participated in five funding rounds.
In May, funding flowed into projects across several segments, including DeFi, CeFi, GameFi, blockchain services, infrastructure, and more.
For reference, 64 Web3 and blockchain projects secured a total of $1.75 billion in funding last month. More details can be found in one of our previous digest editions.Stay tuned to Incrypted to keep up with the latest investments shaping the future of the digital world