TechFlow news — Matter Labs, the company behind the Ethereum scaling protocol zkSync, has raised $200 million in a Series C funding round.
According to a statement, Blockchain Capital and Dragonfly co-led the round, with participation from LightSpeed Venture Partners, Variant, and Andreessen Horowitz, which previously led Matter Labs’ $50 million Series B round. Matter Labs did not disclose its valuation.
The Series C funds will be used to launch first-party projects developed by Matter Labs, expand the Matter Labs team, and support externally built projects on the platform. It will also fund the launch of Matter University, an onboarding and educational platform for users and builders.
The fundraising comes at a time of ongoing uncertainty in the crypto market, as the fallout from FTX and Alameda continues to severely impact the industry.
Steve Newcomb, Chief Product Officer at zkSync, told The Block: “No matter how bad this bear market gets, we are well-positioned to grow our team, deliver our protocols, and fulfill our mission.”
This latest round brings Matter Labs’ total funding to $458 million. The company claims the new capital provides sufficient runway to ensure funding will not be a limiting factor while it focuses on ecosystem development and early-stage product innovation. Original link
