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Blockchain Firm StarkWare Raises $50M Series C Round at a $2B Valuation
The funding will be used to support the deployment of the StarkNet platform, allowing anyone to build blockchain apps.
Israel-based startup StarkWare, which provides a way to scale the use of blockchain, has raised $50 million in a Series C funding round led by Sequoia Capital, and is now valued at $2 billion, the company announced Tuesday.
- The latest funding comes just seven months after StarkWare closed a $75 million Series B funding round led by Paradigm.
- The funding will be used to support the deployment of the StarkNet platform, which allows anyone to build blockchain apps. StarkWare’s technology has until now been available only to clients through its scaling engine StarkEx.
- StarkWare’s method for blockchain-based computation is used by leading platforms and applications, such as dYdX, Sorare and Immutable X, which in turn deliver its technology to firms including TikTok.
- “This valuation makes us more confident than ever in our vision,” said Eli Ben-Sasson, co-founder and president at StarkWare, in a statement. “By empowering blockchains to scale globally, people of any economic status will gradually be able to stop entrusting data into the hands of big companies, and control it themselves instead.”
- Sequoia partner Mike Vernal added that “StarkWare is attacking one of the most important problems in crypto – the computational scalability of the blockchain.”
Read more: Sequoia Jumps Into Token Plays With Investment in DeFi Project Parallel
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Tanzeel Akhtar
Tanzeel Akhtar has contributed to The Wall Street Journal, BBC, Bloomberg, CNBC, Forbes Africa, Financial Times, The Street, Citywire, Investing.com, Euromoney, Yahoo! Finance, Benzinga, Kitco News, African Business Magazine, Hedge Week, Campden Family Office, Modern Investor, Spear's Wealth Management Magazine, Global Investor, ETF.com, ETF Stream, CIO UK, Funds Global Asia, Portfolio Institutional, Interactive Investor, Bitcoin Magazine, CryptoNews.com, Bitcoin.com, The Local, The Next Web, Mining Journal, Money Marketing, Marketing Week and more. Tanzeel trained as a foreign correspondent at the University of Helsinki, Finland and newspaper journalist at the University of Central Lancashire, UK. She holds a BA (Honours) in English Literature from the Manchester Metropolitan University, UK and completed a semester abroad as an ERASMUS student at the National and Kapodistrian University of Athens, Greece. She is NCTJ Qualified - Media Law, Public Administration and passed the Shorthand 100WPM with distinction. She does not currently hold value in any digital currencies or projects.
