The U.S-headquartered crypto-developer, ConsenSys, raised USD 450 million in Series D funding on March 16, 2022. ParaFi Capital, which took part in previous funding, led the Series D round. New investors include Temasek, SoftBank Vision Fund 2, Microsoft, Anthos Capital, Sound Ventures, and C Ventures.
Besides, C Series Investors Third Point, Marshall Wace, True Capital Management, and UTA VC, United Talent Agency’s venture fund, also participated in the round.
ConsenSys is an Ethereum blockchain firm. Its products help developers, enterprises, and users build Web3 space applications.
The valuation, so far, stands at USD 7 billion. Its valuation doubled since its last USD 200 million fund-raise in November last year.
Purpose of Funding
The proceeds from the recent round will help ConsenSys to expand its MetaMask offerings. The offerings with a redesign will be released later this year. MetaMask is a crypto wallet. It aids in buying, selling, and swapping tokens.
ConsenSys’ recent acquisition of Mycrypto will enable MetaMask to strengthen its industry-leading security infrastructure. Besides, it will create a cohesive user experience across desktop, mobile, extension, and browser wallets.
Further, the proceeds will aid in accelerating the global adoption of Infura’s (ConsenSys Ethereum development platform) development tool suite. It will help ConsnSys’ efforts to promote NFT adoption for artists, content creators, brands, intellectual property owners, game publishers, and sports leagues.
The company intends to convert the amount into Ethereum (ETH). Further, it will build ConsenSys’ ‘ultrasound money’ position as a rebalance to its Ethereum to fiat ratio in line with ConsenSys’ treasury strategy.
What the founder has to say
Joseph Lubin, founder and CEO of ConsenSys, said: “I think of ConsenSys as a broad and deep capabilities machine for the decentralized protocols ecosystem, able to rapidly capitalize at scale on fundamental new constructs that emerge, such as developer tooling, wallets, security audits, DeFi, NFTs, Layer-2 scaling, DAOs, and more. This view has resonated with our crypto native and growth investors in a Series D that will enable us to execute exciting growth strategies.”
What the investor has to say
Neil Cunha-Gomes, the investor for SoftBank Investment Advisers, said, “We’re delighted to partner with Joe and the team in their mission to power access to the decentralized web. We believe in ConsenSys’ ecosystem of simple, neutral, and secure Web3 products. It continues to foster unprecedented levels of engagement. We’re excited to help them take Web3 adoption to the next level.”
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