Ava Labs Raises $350 Million at $5.25 Billion Valuation

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2022-04-19 12:53:26

Ava Labs, the lead developer of the Avalanche blockchain, is raising a $350 million investment at a $5.25 billion valuation.

According to a report published by Bloomberg on Thursday, Ava Labs is in the process of raising a new $350 million funding round at a valuation of $5.25 billion. Details of the deal have not been made public.

Ava Labs is the lead developer of the Avalanche (AVAX) blockchain, which was launched in September 2020 as a counterpart to Ethereum. Avalanche has reached $14 billion in total key value (TVL) so far compared to Ethereum’s over $115 billion. Decentralized Finance (DeFi), Aave protocol holds 33.72% market share on blockchain.

See also: What is TVL? What you need to know about TVL

If the funding is successful, Ava Labs will become one of the most valuable crypto startups. AVAX is currently one of the most popular blockchains. Since its launch, blockchain has grown into an ecosystem that includes around 450 individual projects and attracts more than 1.5 million community members. So far, the development team has burned $118 million worth of AVAX to ensure price stability of this token.

Ava Labs raised $350 million at a $5.25 billion valuation.

Ava Labs and related entities have raised nearly $250 million from well-known investors. Last September, the Avalanche Foundation raised $230 million in a token sale led by Polychain and Three Arrows Capital. In the previous two rounds, the company also raised $18 million.

More recently, the organizations behind the Terra algorithmic stablecoin blockchain purchased a total of $200 million in AVAX for their Terra USD reserve strategy. Explaining the investment, Terra co-founder Do Kwon pointed to the solid growth in this blockchain’s ecosystem and users’ commitment to AVAX.

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