Share this article
Interoperability Protocol Connext Labs Raises $7.5M at $250M Valuation
Connext said it is "building the HTTP of Web3" to create a communication layer across different blockchain networks.
Jun 14, 2023, 2:00 p.m.
Make us preferred on Google
Connext Labs, a blockchain protocol attempting to enable the development of applications that can access multiple networks, has raised $7.5 million in funding from Polychain Capital, Polygon Ventures and other investors.
The round, which takes Connext's total funding to $23.2 million, gives the startup a $250 million valuation, according to an emailed announcement on Wednesday.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Connext said it is "building the HTTP of Web3," forming a communication layer across different blockchain networks so that applications can interact with funds and data on multiple networks at the same time.
Interoperability enables developers to build applications without the risk of their being bogged down by congestion or high fees on one particular blockchain, a concern that is often raised of the world's most dominant network for decentralized finance (DeFi) Ethereum.
The new capital will be used to set up the Connext Foundation, which will be responsible for issuing development grants and funding to Connext-built initiatives.
The company's investors also include Coinbase Ventures, Ethereal Ventures, 1kx, #Hashed, and Scalar Capital.
Read More: Polychain Leads $15M Funding Round for Crypto Startup Polyhedra Network
More For You
Pudgy Penguins is building a multi-vertical consumer IP platform — combining phygital products, games, NFTs and PENGU to monetize culture at scale.
What to know:
Pudgy Penguins is emerging as one of the strongest NFT-native brands of this cycle, shifting from speculative “digital luxury goods” into a multi-vertical consumer IP platform. Its strategy is to acquire users through mainstream channels first; toys, retail partnerships and viral media, then onboard them into Web3 through games, NFTs and the PENGU token.
The ecosystem now spans phygital products (> $13M retail sales and >1M units sold), games and experiences (Pudgy Party surpassed 500k downloads in two weeks), and a widely distributed token (airdropped to 6M+ wallets). While the market is currently pricing Pudgy at a premium relative to traditional IP peers, sustained success depends on execution across retail expansion, gaming adoption and deeper token utility.
More For You
Mesh becomes unicorn, raises $75 million for crypto payments infrastructure
The investment round was led by Dragonfly Capital and included participation from Paradigm, Moderne Ventures, Coinbase Ventures and SBI Investment.
What to know:
- Cryptocurrency payments network Mesh acquired unicorn status with a $75 million Series C funding round that valued the company at $1 billion.
- The fund raise, coupled with the ceremonial significance of Mesh acquiring unicorn status, may demonstrate confidence in crypto infrastructure projects despite a relatively depressed market.
- Mesh said part of the $75 million raise was settled using stablecoins to demonstrate that is infrastructure is "ready for high stakes, real-world use."
Top Stories
