October Recap

October set another 2025 record in monthly funding, totaling $1.78 billion across 109 deals. The large total was fueled by the two largest deals of the year: a $500 million Series A round completed by Tempo, and a $300 million undisclosed round from Kalshi. Infrastructure was the leading category with $912 million in funding across 56 deals, representing approximately 50% of both funding and deal count. CeFi followed with $532 million across 19 deals. After being a laggard category for almost two years, CeFi has shown a resurgence in recent months, as an improved regulatory e...