Blockchain messaging protocol developer LayerZero Labs tripled its valuation to $3 billion after a $120 million Series B raise.
The round saw participation from nearly three dozen investors, including a16z crypto, Circle Ventures, OKX Ventures, OpenSea Ventures, Samsung Next and Sequoia Capital.
The Vancouver-based startup raised a $135 million Series A at a $1 billion valuation in March 2022 in a round co-led by a16z, Sequoia and the now-defunct venture arm of FTX — FTX Ventures.
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LayerZero Labs is tackling the problem of interoperability among different blockchains. The company’s protocol allows for cross-chain messaging across countless blockchains.
“Imagine a future where a single user-facing application can harness the speed of Solana, the security of Ethereum, and the cheap file storage of Arweave,” said Ryan Zarick, co-founder and CTO, in a release. “This is our vision, made possible by the LayerZero protocol that seamlessly connects all blockchains and enables chain-agnostic applications to be built across various blockchains to create a best-in-class user experience.
“The days of choosing one chain to build on are over; the future is omnichain applications,” he added.
Big cash
LayerZero plans on using the new money to increase its headcount, push growth initiatives and grow its presence in the Asia-Pacific region.
The round is one of the largest in the crypto and blockchain sector since FTX’s implosion in November.
According to Crunchbase data, only Singapore-based Amber Group — which raised a $300 million Series C — and Germany-based Matter Labs — which closed a $200 million Series C — have seen bigger deals in the space since FTX collapsed, sending shockwaves through the crypto and blockchain ecosystem.
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Illustration: Dom Guzman
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