LayerZero Raises $120 Million In Series B, Reaches $3 Billion Valuation

Key Points:

• LayerZero Labs, a web3 communications system, has raised $120 million in Series B financing, increasing its value from $1 billion to $3 billion.
• a16z Crypto, Sequoia Capital, and Circle Ventures all participated in the most recent Series B fundraising round.
• Almost $7 billion in total value has been locked on the platform, and over $6 billion in transactional traffic has been handled.

LayerZero Labs, the developer of the Web3 communications protocol, has secured a $120 million Series B financing at a $3 billion valuation, more than doubling its value from a $135 million deal in March 2022.

LayerZero announced Tuesday that investors in the round included a16z Crypto, Sequoia Capital, Circle Ventures, Samsung Next, OpenSea, and Christie’s.

The cross-chain messaging protocol facilitates the deployment of decentralized apps (dApps) across various blockchains and allows projects to connect without the need for an intermediate — such as a cross-chain bridge.

According to Bryan Pellegrino, co-founder and CEO of LayerZero Labs, the major goal of the funding was to simplify the team’s insights and pipeline into the Asia-Pacific region’s (APAC) gaming sector.

The Series B round had 33 investors, but there was no lead investor, according to Pellegrino.

The capital round is an unusual nine-figure transaction in the midst of a crypto bear market in which investments in the sector have slowed to a crawl, albeit infrastructure-focused ventures have shown to be the most robust.

LayerZero emerged from stealth with a $6 million fundraising round in September 2021. On-chain apps such as decentralized exchanges, such as PancakeSwap, Sushiswap, Trader Joe, and Uniswap, employ the protocol. According to the firm, the platform has secured over $7 billion in total value locked and handled over $6 billion in transactional activity.

LayerZero’s $135 million Series A investment was co-led by a16z Crypto, Sequoia Capital, and FTX Ventures in March 2022. According to Pellegrino, these three investors supplied the large $120 million amount at the time. LayerZero was then worth $1 billion. With today’s revelation, the project’s worth has more than quadrupled in less than a year.

Pellegrino thinks that LayerZero’s communications protocol, and others, will continue to construct the infrastructure that will enable apps to design more complicated structures in the long run.

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