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

MON - WED, MARCH 18 - 20, 2024

Blockworks’ Digital Asset Summit (DAS) will take place March 18-20, 2024 at The Hilton London Metropole. Why London? Momentum.  London has become one of the world’s hottest crypto hubs.  Innovation is thriving, new institutional investors are flocking in, and regulators like […]

recent research

l1 cover.png

Research

This analysis focuses on financial metrics for general-purpose L1 blockchains. In many ways, L1s should be viewed as an entirely new asset class more comparable to digital economies than traditional businesses. L1s are the core infrastructure enabling the creation of new-age businesses like onchain protocols.

article-image

A government shutdown is looking more likely by the hour. Here’s what the impact on crypto could be, should Congress fail to come to an agreement

article-image

Once a key cog in former 3AC founder Zhu’s public rehabilitation, OX plummets on news of his arrest

article-image

Polygon is transitioning to a validium-based system supported by zero-knowledge proofs

article-image

Indie filmmaker Sherone Rabinovitz has been gathering film of CryptoPunks’ founders and events for five years, and he just released the film’s trailer

article-image

The Cosmos MetaMask Snap is one of 36 Snaps currently in open beta

article-image

The ETF giant and crypto-native firm forged a partnership in 2021 before filing for a spot bitcoin ETF in June