The latest funding round conducted by Ava Labs has reportedly pegged the company’s valuation at $5 billion, making it one of the most highly valued crypto startups in the world.
A $350M Funding Round
Ava Labs is the lead development team behind the Avalanche blockchain. Early reports have arrived from individuals familiar with the team’s operations, claiming that Ava Labs is currently raising $350 million at a staggering $5.25 billion valuation. Not only would this valuation give Ava Labs the “unicorn” status among crypto startups, but it would also elevate the Avalanche blockchain to Ethereum and Solana levels. As it is, the blockchain is already competing with the two leading cryptocurrencies by offering high-speed transactions at a low cost. It is also spreading its wings into trading and games and gaining favors with users and developers alike. The recently held Avalanche Summit in Barcelona in March saw a rush of industry experts and community members. The native token of the platform, AVAX, has naturally seen a 19% price hike since last month and reports at around a $21.5 billion market cap at the time of writing.
Previous Funding Rounds By Ava Labs
Ava Labs had previously raised $6 million in a funding round held in 2019, which included investment top-dogs like Andreessen Horowitz and Polychain. Later, in 2020, the team raised another $12 million through a private token sale led by Bitmain, Galaxy Digital, and others. It was followed up in 2021 by another token sale to raise funding, led by Polychain Capital and Three Arrows Capital, raising around $230 million. Although there has not been any confirmation regarding the latest $350 million fundraise, the Ava Labs team has been religiously gunning for investors every year since its inception without fail.
Avalanche Ecosystem Expansion
The Ava Labs team has embarked on initiatives and partnerships to expand the Avalanche ecosystem. For example, towards the end of 2021, Ava Labs partnered up with Deloitte to construct more efficient disaster relief platforms. News of the partnership had boosted the value of AVAX to be included in the list of top 10 cryptos in the world by market cap. However, more recently, the Avalanche Foundation, which is the non-profit arm of the Avalanche blockchain, has been in the news for the announcement of the Avalanche Multiverse incentive program. Under this program, a fund of $290 million has been allocated towards the adoption of its novel subnet functionality.
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