Even As Market Slows, Web3 Funding Explodes — ConsenSys, Aptos Latest To Secure Big Funding

Although much of the current talk about venture is around a slowdown, all things Web3 and the decentralized web seem to be immune to that.

Switzerland-based blockchain startup ConsenSys announced a $450 million round Tuesday at a valuation of over $7 billion—more than doubling its valuation since its $200 million Series C raise last November.

The round was led by ParaFi Capital, but also included the likes of Temasek, SoftBank Vision Fund 2 and perhaps most notably Microsoft—showing the Redmond, Washington behemoth is watching the Web3 space closely.

ConsenSys develops decentralized protocols software that runs on the Ethereum network and allows developers and enterprises to build on Web3—a movement where the internet is pushed toward decentralized technologies like blockchain.

That was not the only raise involving a Web3 company. Aptos, founded by ex-Meta employees, closed a $200 million “strategic” investment valuing it at $1 billion led by a16z with participation from the likes of Tiger Global, FTX Ventures and Coinbase Ventures, TechCrunch reported. Aptos is creating a Layer 1 system blockchain, meaning it will not sit on Ethereum or another network, but be its own decentralized network.

Last month, we noted the increasing interest in all things Web3 after India-based Polygon Technology—a scaling platform for the Ethereum blockchain—closed a $450 million round at a reported $13 billion valuation and San Francisco-based Alchemy—which provides tools and hosting for those wanting to transact on blockchain and Web3–raised a $200 million “Series C-1” that valued the company at $10.2 billion.

That pace from last month may only be picking up.

Illustration: Dom Guzman

Learn More