Figment Closes Funding Round at $1.4B Valuation

Crypto staking firm’s new capital brings its post-money valuation up 180% from its previous valuation of $500 million


Figment Co-founder and CEO Lorien Gabel


key takeaways

  • The firm has about $7.5 billion in digital assets staked to its infrastructure
  • “The new capital raised will expand Figment’s ability to support the adoption, growth and long-term success of the Web 3 ecosystem,” Figment Co-founder and CEO Lorien Gabel said.

Crypto staking firm Figment has raised $110 million in its Series C round four months after its last fundraise of $50 million, the company announced on Monday. 

The new capital brings the firm‘s post-money valuation to $1.4 billion, up 180% from its previous valuation of $500 million, Figment Co-founder and CEO Lorien Gabel told Blockworks. To date, Figment has raised $165 million. 

“The new capital raised will expand Figment’s ability to support the adoption, growth and long-term success of the Web3 ecosystem, as well as significantly grow its headcount,” Gabel said. 

Figment provides blockchain infrastructure, protocol staking and research for users to be able to build products and services on Proof of Stake, or PoS, blockchains. 

The firm has roughly $7.5 billion in digital assets staked to its infrastructure, up from $7 billion staked that it reported in August. It also supports about 50 networks and 130 institutional clients, up from 31 clients in the previous year. 

The latest round was led by software and technology-focused private equity firm Thoma Bravo, which had $91 billion assets under management as of Sept. 30.

Other participants in the round are Counterpoint Global, the active fundamental equity team of Morgan Stanley; Binance Labs; Mirae Asset; ParaFi Capital; Avon Ventures, a venture capital fund affiliated with the parent company of Fidelity Investments; Bitstamp; CMS Holdings; Two Sigma; B Capital Group; Franklin Templeton; DTCP; and StarkWare.

Figment will focus on expanding its team and investment arm as well as developing its Data Hub 2.0, which will provide developers and entrepreneurs the ability to create blockchain-based solutions, Gabel said. 

“In the long term, the majority of value and data will be stored, settled, and transferred via PoS protocols,” the CEO added. “Staking will become the foundation that secures a better, more inclusive, and user-owned internet.”

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