Ava Labs, the developer of popular blockchain network Avalanche, has joined a growing list of crypto startups seeking funds for business expansions.
The Brooklyn-based blockchain development firm is planning to raise about $350 million in a new funding round, Bloomberg reported Thursday, citing an undisclosed source.
Ava Labs Targets $5.2 Billion Valuation
Although the date for the funding round has not been announced yet, the new fundraising will boost the company’s valuation to $5.25 billion, making it one of the most valued startups in the crypto industry.
Ava Labs was founded in 2018 by a group of computer scientists and the Avalanche blockchain was launched two years later.
Since its launch, the Avalanche ecosystem has continued to attract angel investors as it positions itself to rival leading smart contract platform Ethereum.
In September 2021, Coinfomania reported that the company secured $230 million from industry investors through a private token sale round led by Polychain and Three Arrows Capital.
Aside from attracting investors, the company is also making efforts to expand its ecosystem of developers and users. Earlier this year, the Avalanche Foundation announced a $290 million program dubbed Avalanche Multiverse to scale subnets on the network.
“Subnets will be the next growth engine in crypto, enabling novel functionality only possible with network-level control and open experimentation on a scale we haven’t yet seen,” said Emin Gün Sirer, co-founder of Ava Labs and director of the Avalanche Foundation.
More Funding for Crypto Startups
In recent times, crypto startups have been receiving funds from venture capital firms from around the globe.
Earlier this year, Solana-based crypto wallet Phantom received $109 million in a series B funding round led by Paradigm, Solana Ventures, and other reputable firms.
In April, Binance U.S. reached a $4.5 billion market valuation after raising more than $200 million in seed funding from major investors like Circle Ventures and Foundation Capital.
This week, BlockchainCom announced that it has raised an undisclosed amount from industry investors and it is now valued at $14 billion.
