Ava Labs Reportedly in a $350M Funding Round with a $5.2B Evaluation

Ava Labs, the lead developer of the Avalanche blockchain, is in the midst of raising $350 million in a new funding round putting the company at a $5.25 billion valuation according to a Bloomberg report, making it one of the world’s highest valued crypto startups. 

The report comes from a Bloomberg anonymous source because the sourcing round hasn’t been made public yet. There have been no mentions of it on Ava Labs’ or Avalanche’s Twitter. 

Avalanche, the fastest smart contracts platform in the blockchain industry, as measured by time-to-finality, is aiming to compete with other blockchains like Ethereum and Solana by offering high speeds and low transaction fees. There are currently 250 active apps running on Avalanche, according to tracker DappRadar. 

Their native token, AVAX, is currently trading at $76.63 with a $20.5 billion market cap, according to BitPush Terminal data. 

Last month, the Avalanche Foundation launched an incentive program called Avalanche multiverse, designed to grow its subnet functionality and help develop application-specific blockchains on Avalanche. 

Last year, Avalanche closed a $230 million funding round via a token sale led by Polychain Capital and Three Arrows Capital. Ava Labs was founded in 2018 by Emin Gün Sirer. The following year the $6 million, with Polychain once again leading the way. In 2020, they raised $12 million through a private token sale. It’s definitely clear that Avalanche and Ava Labs have gained significant hype since their inception, and the additional funds to prove it. 

Author: Tyler Irvin

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