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Andreessen Horowitz Leads $50M Funding Round for Matter Labs
Matter Labs will use the funding to expand its scientific and engineering teams and finance its business growth.
Matter Labs, the firm behind Ethereum layer 2 scaling protocol zkSync, has raised $50 million in a Series B funding round led by Andreessen Horowitz (a16z), the company said Monday.
- The funding will be used to finance Matter Labs’ business growth, including expanding its scientific and engineering teams.
- Other investors in the round included Placeholder, Dragonfly and 1kx, who also participated in the $6 million Series A funding round that closed in February.
- Blockchain.com, Crypto.com, Consensys, Bybit, OKEx, Alchemy, Covalent, Aave, ParaSwap, Lido, Futureswap, Gnosis, Rarible and others also contributed to the round.
- Matter Labs builds zero-knowledge (ZK) proof technology on Ethereum and launched its first public ZK rollup prototype in 2019.
- ZkSync version one is a ZK rollup for payments that is designed to speed up transactions and has been live on the Ethereum mainnet since July 2020.
Read more: A16z Leads $150M Round for NFT Game Platform Mythical Games at $1.25B Valuation
STORY CONTINUES BELOW
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Tanzeel Akhtar
Tanzeel Akhtar has contributed to The Wall Street Journal, BBC, Bloomberg, CNBC, Forbes Africa, Financial Times, The Street, Citywire, Investing.com, Euromoney, Yahoo! Finance, Benzinga, Kitco News, African Business Magazine, Hedge Week, Campden Family Office, Modern Investor, Spear's Wealth Management Magazine, Global Investor, ETF.com, ETF Stream, CIO UK, Funds Global Asia, Portfolio Institutional, Interactive Investor, Bitcoin Magazine, CryptoNews.com, Bitcoin.com, The Local, The Next Web, Mining Journal, Money Marketing, Marketing Week and more. Tanzeel trained as a foreign correspondent at the University of Helsinki, Finland and newspaper journalist at the University of Central Lancashire, UK. She holds a BA (Honours) in English Literature from the Manchester Metropolitan University, UK and completed a semester abroad as an ERASMUS student at the National and Kapodistrian University of Athens, Greece. She is NCTJ Qualified - Media Law, Public Administration and passed the Shorthand 100WPM with distinction. She does not currently hold value in any digital currencies or projects.
