Crypto Startups Raised ₱11.93 billion ($197 million) This Week — VCs Now Pickier

Crypto startups raised ₱11.93 billion ($197 million) this week, according to DefiLlama data. Singapore-based Startale Labs pulled in ₱3.81 billion ($63 million) in a Series A round led by SBI Holdings to fund its Astar zkEVM and Swanky Suite products. France-based hardware wallet maker Ledger raised ₱3.03 billion ($50 million) through a secondary share sale to expand Ledger Enterprise and roll out its Stax device. Tazapay, a Singapore payments platform covering 70+ markets, closed a ₱2.18 billion ($36 million) Series B led by stablecoin issuer Circle.

Transak founder Sami Start told DL News that funds are making fewer bets and being much more selective about where they take exposure. There's less appetite for broad narratives and more focus on whether a company has real usage, a credible regulatory setup, and a product that fits into actual financial flows, he said.

That shift reflects a broader market trend: seed-stage capital dropped 27.7% and deal count fell 41.8% between 2024 and 2025, according to Crypto-fundraising.info. Galaxy Research called the contraction the end of the "golden era of pre-seed crypto venture investing." Later-stage deals now dominate, taking 56% of capital allocation compared to earlier cycles. Average seed deal size increased to $6.95 million from $5.60 million despite lower volume, showing investors are consolidating around fewer, larger bets.

Circle's involvement in Tazapay's round stands out given its recent IPO success. The stablecoin issuer's stock surged from $31 to $233 per share after going public in June 2025, creating a $44.98 billion market cap. That valuation gives Circle's venture arm firepower to lead $36 million rounds while smaller funds pull back. Startale Labs secured its $63 million funding despite the industry facing a $2 trillion drawdown.