Connext Labs Secures $7.5M Strategic Round at a $250M Valuation

Connext is building the HTTP of Web3, allowing developers to build applications that are accessible by any user, on any chain, using any token.

SAN FRANCISCO , June 14, 2023 /PRNewswire/ -- Connext, the pioneering blockchain interoperability protocol, today announced the closure of its strategic fundraising round of $7.5 million at a $250 million valuation. The latest round brings Connext's total funding to $23.2 million. This capital will fund the setup and operation of the Connext Foundation. The foundation will play a critical role in the success of Connext, stewarding the development of the protocol and ensuring robust long-term growth of the ecosystem through development grants and funding of community-led initiatives.

The strategic round saw participation from Polychain Capital, NGC Ventures, Polygon Ventures, IOSG Ventures, Fenbushi Capital, KXVC, a_capital, No Limit Holdings, Factor, and Dokia Capital. Other Connext investors include Coinbase Ventures, Ethereal Ventures, 1k(x), #Hashed, and Scalar Capital.

Similar to how HTTP enabled the creation of the interconnected web that is widely used today, Connext makes it possible for developers to build interchain applications that can be accessed from any network and interact with funds and data on every blockchain, all at once. The underlying technology acts as a communication layer on top of existing, battle-tested infrastructure, giving users the best possible security, regardless of the chain they are on.

"In 2020, we realized that the future of web3 was going to look a lot like the internet does today: thousands of independent blockchain networks communicating with one another to create a single interconnected experience," said Connext founder Arjun Bhuptani. "We pivoted our focus towards building this future as a public good. Today, Connext enables a new era of decentralized applications that, similar to applications on the web, can interact with users, data, and funds on many blockchains all at once."

To date, over 1.2 million crosschain transactions have gone through Connext's network. Since the launch of its V2 in late February 2023, the network has grown rapidly, adding over 20,000 new users in the last month, and 35 companies actively building on top of the protocol, including Metamask, Planet IX, and DODO.

Since its formation in 2017, Connext Labs has had a long history of pioneering critical blockchain infrastructure. In 2018, Connext built the first payment-focused Layer-2 scalability system on Ethereum, used by Metamask, The Graph, and others. In 2019, the team helped create one of the first widely used DAO frameworks, MolochDAO, which garnered support from Vitalik Buterin and Joe Lubin, among others. MolochDAO has since been used as the framework for hundreds of DAOs, governing millions of dollars in value.

"The Connext protocol not only revolutionizes how developers build Web3 applications but also addresses one of the most pressing issues in the blockchain landscape - security across chains," said Joseph Lubin, Chairman at Ethereal Ventures and ConsenSys Mesh. "We firmly believe in Connext's vision and are confident they have the right team and technology to create an interconnected future for all blockchain networks."

For more information, please visit: https://connext.network/

About Connext

Connext is the HTTP of Web3.

Users of decentralized applications currently face a complex and fragmented experience. To use Web3, they need the knowledge and skills necessary to connect to, bridge funds, and move data between different blockchain networks. This process is completely opaque for users and, as we've seen from over $1.5B in crosschain bridge hacks in the past two years, exposes them to unprecedented security risks.

As a public good, Connext aims to build an open and accessible future where users can reap the benefits of blockchains without specialized knowledge, or exposure to unnecessary risk. The Connext protocol paves the way for developers to easily create entirely new classes of blockchain applications that look and feel just like Instagram, Wikipedia, or other applications we use today.

Resources:
Website: https://connext.network/
Twitter: https://twitter.com/connextnetwork
Blog: https://blog.connext.network/

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SOURCE Connext