Home News StarkWare raised $50M at a valuation of $2B

StarkWare raised $50M at a valuation of $2B

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Specializing in L2 network solutions, the StarkWare project raised $50 million during a Series C funding round at an estimated $2 billion.

Sequoia Capital led the round. It was also attended by Paradigm, Three Arrows Capital, Alameda Research and Founders Fund, who supported the startup at earlier stages of development.

Thus, the project team will use the funds raised to expand the staff and accelerate the growth of the ecosystem.

The StarkEx technology

StarkWare is working on L2 solutions for scaling Ethereum using ZK-Rollup technology. Furthermore, its peculiarity is the use of zero-knowledge proofs to validate transactions.

The Israel-based startup developed StarkEx technology, which uses the dYdX, Sorare, DeverxiFi and Immutable platforms. In terms of total value locked (TVL) volume, these services occupy 2nd, 7th, 9th and 10th places, respectively, in the L2Beat rating.

Uri Kolodny, CEO and co-founder of StarkWare, in a conversation with The Block, noted that at the end of November the project will launch a permissionless solution. StarkNet Alpha, which will open up the possibility of independent deployment of smart contracts. He also added that several well-known projects, including Aave, MakerDAO and Argent, already intend to adopt the new technology.

ZK-Rollup

Earlier in March, StarkWare raised $75 million following the results of the Series B round. The venture firm Paradigm headed the investment session. According to the co-founders, the demand for scaling solutions using ZK-Rollup is especially high in the rapidly growing non-fungible token (NFT) market. In 2018, Paradigm led a $30 million Series A funding round for StarkWare.

Recall that previously, Matter Labs raised $50 million to build EVM-compatible ZK-Rollups. Andreessen Horowitz (a16z) led the round. Other companies involved in the round included Blockchain.com, Crypto.com, Consensys, Bybit, OKEx, Alchemy, Covalent and others.

The founders and top managers of Aave, ParaSwap, Lido, Futureswap, Gnosis, Rarible; Aragon, Liquidity, Celer, Connext, Perpetual, Euler and Opium also contributed money. As well as former investors Placeholder, Dragonfly and 1kx.

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