Cryptocurrency startup StarkWare has raised $100 million in a Series D funding round to bring its valuation to $8 billion.
The raise was led by Greenoaks Capital and Coatue, with the other participants being Tiger Global. The fundraising also included a secondary component that allowed its employees to sell shares.
The valuation of the Israeli-based company has been on a steep upward trajectory. The company was valued at $2 billion last year when it closed a Series C funding round. StarkWare announced in March that it was aiming to raise more than $100 million at a $6 billion valuation.
The firm’s co-founder and Chief Executive Uri Kolodny says that the company’s rising value is driven by the strength of its blockchain scalable solution.
StarkWare debuted in 2017 to offer StarkEx and StarkNet solutions. StarkEx is an Ethereum scaling engine, while StarkNet is a decentralized ZK-rollup solution for smart contracts.
Source: THE BLOCK