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Sei Labs Raises $30M for Trading-Focused Layer 1 Blockchain
Investors included Jump Crypto, Distributed Global and Multicoin Capital.
By Brandy Betz
Updated May 9, 2023, 4:12 a.m. Published Apr 11, 2023, 1:29 p.m.
Sei Labs, a contributor to the Sei layer 1 blockchain, has raised $30 million across two funding rounds, according to a press release Tuesday.
The funding will help accelerate Sei Labs’ growth, including a deeper expansion into the Asia-Pacific region.
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Investors included Jump Crypto, Distributed Global, Multicoin Capital, Asymmetric Capital Partners, Flow Traders, Hypersphere Ventures and Bixin Ventures. The post-money valuation stands at $800 million, the company told TechCrunch.
Sei is an open-source layer 1 blockchain that is designed to allow decentralized exchanges and trading apps to offer users a fast and easy way to trade assets. Sei’s public test network went live on March 13 and has attracted more than 3.6 million unique users since then, according to the company.
The funding comes as investments in the crypto industry remain constrained by the bear market, though blockchain infrastructure projects have proven one of the most resilient categories.
“Infrastructure and applications historically come in cycles – Ethereum and the last generation of public blockchains led to a Cambrian explosion of new decentralized apps over the past two years. Among those apps, exchanges and trading have achieved the clearest product-market-fit, but are held back by outdated layer 1 blockchains. Our mission at Sei is to build the best infrastructure for trading,” Sei Labs co-founder Jayendra Jog said in the press release.
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