AI Overview
Ethereum itself (the core protocol) raised funds through its 2014 Initial Coin Offering (ICO) for about $17.3 million in early ETH sales, but the real VC story is the billions poured into Ethereum-based startups (Layer 2s, DeFi, infrastructure) like Blockdaemon & Morpho Labs by firms like Paradigm and Electric Capital, with estimates showing nearly 30% of all crypto VC ($1.4B+) going to Ethereum projects in 2022 alone, making it a dominant ecosystem for funding.