Crypto Industry Sees Surge in Funding with LayerZero and M^Zero Labs at the Helm
This week saw an increase in fundraising for startups in the cryptocurrency industry.
A total of 18 companies raised around $251 million, slightly up from last week’s $227 million.
One of the largest raises was by LayerZero, a protocol for cross-chain interoperability, which secured $120 million in its Series B round.
This garnered the company a valuation of $3 billion, with notable investors including a16z, Christie’s, Sequoia Capital, and OpenSea Ventures.
LayerZero is focused on messaging protocols for decentralized applications and has expressed interest in the gaming industry, where cross-chain messaging is becoming increasingly important for distributing digital assets.
M^Zero Labs also announced a seed round of $22.5 million led by Pantera Capital, with additional funds from Road Capital and AirTree Ventures, among others.
The company’s website states its intention to provide a decentralized governance platform for permissionless token creation.
Founder and CEO Luca Prosperi described the product as a “neutral financial infrastructure” built on top of Ethereum in a Twitter thread.
7/🧵 WE BELIEVE IN A FUTURE WHERE:
> Infrastructure is transparent, mutually maintained, and non-redundant
> Resources are used to develop sophisticated solutions/ front-ends rather than wasted in building prop back-ends
> Rent-seeking behaviours are minimized pic.twitter.com/NziQRTRSwx
— Luca Prosperi (@LucaProsperi) April 7, 2023