Monad Labs has secured a $225 million funding round led by investment firm Paradigm. The announcement follows the buzz last month that the company behind the Ethereum-compatible Layer 1 blockchain network Monad was looking at over $200 in fundraising. At that time, Paradigm reportedly indicated it would offer up to $150 million to Monad Labs’ fundraising, valuing the company at $3 billion.
“Today, we are thrilled to announce our $225M fundraise, led by Paradigm. This funding milestone gives us ample resources to continue scaling our team and to bring Monad to production,” Monad said in a statement.
Monad Labs has mentioned the names of 37 institutional investors and 13 angel investors who have participated in this fundraising round.
Institutional investors include Coinbase Ventures, Electric Capital, Castle Island Ventures, Greenoaks, and GSR Ventures, while angle investors include Inversebrah, Ansem, Eric Wall, Rune Christensen, Hsaka, punk6529, Bryan Pellegrino, Mert Mumtaz, and Luca Netz.
Earlier this month, news reports revealed that Paradigm was working to raise $750 million to $850 million for a new crypto venture fund. If Paradigm raises $750 million, it would be the largest crypto-focused fundraiser since May 2022, when Andreessen Horowitz raised a record $4.5 billion. Paradigm’s largest fundraiser was in 2021, raising $2.5 billion.
