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

article-image

Figment Co-founder and CEO Lorien Gabel

share

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.”


Get the day’s top crypto news and insights delivered to your inbox every evening. Subscribe to Blockworks’ free newsletter now.


Tags

Upcoming Events

Salt Lake City, UT

MON - TUES, OCT. 7 - 8, 2024

Blockworks and Bankless in collaboration with buidlbox are excited to announce the second installment of the Permissionless Hackathon – taking place October 7-8 in Salt Lake City, Utah. We’ve partnered with buidlbox to bring together the brightest minds in crypto for […]

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

Unlocked by Template.png

Research

With the spot ETH ETF approval, the institutions are coming. stETH - given its dominance in marketshare, existing liquid market structures, and highly desirable properties - is poised for institutions.

article-image

Launching cryptocurrencies the old fashioned way may soon make a return

article-image

Kraken and CertiK brought their beef to social media after Kraken said researchers exploited $3 million through a bug

article-image

NVIDIA’s historic run is only deepening the divide between mega-cap tech stocks and the rest of the market.

article-image

EIP-7702 was quickly adopted for the next Ethereum upgrade, but developers haven’t quite locked it down