Ava Labs, the development team behind the popular Avalanche Foundation, is looking at a more than $350 million raise that would take the company’s valuation to $5.25 billion, Bloomberg reported Thursday, citing anonymous sources familiar with the matter
Avalanche developer Ava Labs is raising $350 million at a valuation of $5.25 billion, Bloomberg reported. The new valuation will make Ava Labs one of the highest crypto startups in the world. https://t.co/D2FCMNojzD
— Wu Blockchain (@WuBlockchain) April 14, 2022
Combining the capital raised from its previous seven financing rounds, Ava Labs has raised a total of $290.1 million in total funding amount. Polychain Capital, Three Arrows Capital, Andreessen Horowitz (a16z), and several other well-known VCs have invested in the firm.
A $5.25 billion valuation would make Avalanche one of the largest blockchain ecosystems in the world, comparable to the likes of several top blockchains. Ava Labs will also have a higher valuation than Web3 venture company Animoca Brands, which recently hit $5 billion in value after concluding its $359 million funding round.
Avalanche is an open-source blockchain platform known for offering faster processing speed and lower transaction costs than Ethereum. The project was founded by a team led by Professor Emin Gün Sirer of Cornell University, who currently serves as the CEO of Ava Labs.
Presently, Avalanche’s native token AVAX has a diluted market capitalization of $31.4 billion, making it the 10th largest crypto asset per CoinMarketCap ranking.