Quick take:
- The fundraising follows Movement Labs’ $38 million Series A round announced in April 2024.
- The company is building an integrated blockchain network capable of handling more than 30,000 transactions per second.
- The company aims to fix two of the blockchain technology’s main issues, which co-founder Rushi Manche noted last year as “user experience and smart contract exploits”.
Movement Labs, the developers of EVM-compatible Zk-powered blockchain MoveVM is reportedly raising $100 million in a Series B funding round led by CoinFund with Brevan Howard’s digital asset arm also participating.
The fundraising values the Web3 company at $3 billion, a source familiar with the matter told Reuters on Wednesday. The fundraising comes at a time when Web3 companies are witnessing a rise in interest from venture capital firms following the collapse in 2022.
The company plans to use the fresh capital to improve its product, expand its footprint in the Asia Pacific region and hire an additional team.
Movement Labs was founded by Rushi Manche and Cooper Scanlon in 2022, the early builders in the Move ecosystem. The EVM-compatible layer 2 is an integrated blockchain network capable of handling more than 30,000 transactions per second.
The company aims to fix two of the blockchain technology’s main issues, which co-founder Rushi Manche noted last year as “user experience and smart contract exploits”.
The reported Series B also comes hot on the heels of the company’s recent launch of its native token $MOVE in December.
Last April, Movement Labs secured a $38 million Series A round led by Polychain Capital, which also attracted participation from the likes of Hack VC, Placeholder, Archetype, Maven 11, Robot Ventures, Figment Capital, Nomad Capital, Bankless Ventures, OKX Ventures, dao5, and Aptos Labs.
In July, the company also collaborated with the decentralised physical infrastructure network (DePIN) Up Network to launch Up Mobile a Web3 dedicated smartphone powered by artificial intelligence.
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