Ava Labs to hit $5B valuation after $350M raise

Ava Labs to hit B valuation after 0M raise

Labs, the development team behind the popular Avalanche Foundation, is looking at a more than $350 million raise that would take the company's valuation to $5.25 billion, Bloomberg reported Thursday, citing anonymous sources familiar with the matter

Combining the capital raised from its previous seven financing rounds, Ava Labs has raised a total of $290.1 million in total funding amount. Polychain Capital, Three Arrows Capital, Andreessen Horowitz (a16z), and several other well-known VCs have invested in the firm.

A $5.25 billion valuation would make Avalanche one of the largest blockchain ecosystems in the world, comparable to the likes of several top blockchains. Ava Labs will also have a higher valuation than Web3 venture company Animoca Brands, which recently hit $5 billion in value after concluding its $359 million funding round.

Avalanche is an open-source blockchain platform known for offering faster processing speed and lower transaction costs than Ethereum. The project was founded by a team led by Professor Emin Gün Sirer of Cornell University, who currently serves as the CEO of Ava Labs.

Presently, Avalanche's native token AVAX has a diluted market capitalization of $31.4 billion, making it the 10th largest crypto asset per CoinMarketCap ranking.

Ava Labs to hit $5B valuation after $350M raise Our Bitcoin News.

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