The Ethereum scaling technology developer raised two rounds this year, having spun out of Princeton in 2018.
Offchain Labs, a US-based blockchain scaling technology developer spun out of Princeton University, has raised $120m across two rounds this year with participation from quantitative trading firm Alameda Research.
Venture Capital firm Lightspeed Ventures led the $100m series B round at a $1.2bn valuation. Polychain Capital, Pantera Capital, Ribbit Capital, Redpoint Ventures and private investors including Mark Cuban also backed the series B round.
Offchain raised $20m in its April 2021 series A from undisclosed investors, following a $3.7m Pantera Capital-led seed round that closed in April 2019 featuring individual investors.
Founded in 2018, Offchain Labs develops layers on top of cryptocurrency Ethereum to provide scale. It has created a protocol called Arbitrum, a Layer 2 roll up network that allows side chains and state channels to handle transactions faster, cheaper and more conducive to scaling.
Simultaneously with its series B close, Offchain announced yesterday that…
Fernando Moncada Rivera
Fernando Moncada Rivera is a reporter at Global Corporate Venturing and also host of the CVC Unplugged podcast.
