Crypto Projects Struggle to Reach Series A Funding Milestone

Crypto projects have more ways to raise capital and reach liquidity than conventional startups, but how many actually advance after Pre-Seed or Seed funding? According to a recent analysis by CryptoRank using their fundraising data, only 15.7% of 3,757 early-stage projects disclosed a Series A round.

The token launch is the more common visible milestone after early funding, with 30.7% of Seed projects having launched a token, almost twice the share that reached Series A. Of these projects, 974 launched a token without a disclosed Series A round, while another 178 combined both milestones.

The analysis shows that a token launch and Series A often serve as alternative forms of graduation, rather than consecutive steps. Projects that clear Series A raise again more often, with progression rising from 22.5% between Series A and Series B to 26.2% between Series B and Series C.

The data suggests that investors should model these paths separately, as a Seed investment in a token-oriented network carries a different graduation event, liquidity timeline, and follow-on financing pattern from a Seed investment in a company built to climb the venture ladder.