Ava Labs raise $350 million at a $5 billion valuation
- ByStartupStory | April 14, 2022
According to sources familiar with the discussions, Ava Labs Inc., the principal creator of the Avalanche blockchain, is in the midst of obtaining a new round of funding. Its increased valuation would make it one of the most valuable crypto businesses in the world. According to one of the persons familiar with the matter, the company, which was formed and is led by Cornell University professor Emin Gun Sirer, is raising $350 million at a valuation of $5.25 billion.
Avalanche is seeking to compete with Ethereum and Solana by providing high speeds and low transaction costs for a variety of uses, including trade, lending, and gaming. Users and developers went to the Avalanche Summit in Barcelona in March to learn more about it. According to DappRadar, there are around 250 active apps on Avalanche, many of them in decentralized finance or gaming. According to CoinMarketCap.com, the linked AVAX coin has a market worth of $21.5 billion and a price increase of around 19 percent in the last month.
Ava Labs is raising funds despite unstable crypto markets, with Bitcoin down from its all-time high in November on concerns about Fed tightening, inflation, and Russia’s invasion of Ukraine.
Polychain Capital and Three Arrows Capital sponsored a $230 million round in the Avalanche public blockchain ecosystem last year, with proceeds going to the Avalanche Foundation through a token sale. Through a private token sale led by Bitmain, Galaxy Digital, and others in 2020, Ava Labs raised $12 million for the project.
Ava Labs, which was founded in 2018, raised a $6 million round in 2019 from investors such as Andreessen Horowitz and Polychain. According to PitchBook, the company employs 170 people.
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