Ava Labs Set to Raise $350M at $5B Valuation: Report

The valuation would put the blockchain builder in the upper echelons of the crypto world by that measure.

AccessTimeIconApr 14, 2022 at 9:24 a.m. UTC
Updated Apr 14, 2022 at 2:22 p.m. UTC

Jamie Crawley is a CoinDesk news reporter based in London.

Ava Labs, builder of the Avalanche blockchain, is raising a funding round that would give it a $5.25 billion valuation, according to a Bloomberg report Thursday.

  • The Brooklyn, N.Y.-headquartered startup is raising $350 million, according to the report, which cited people familiar with the discussions.
  • A $5.25 billion valuation would place Ava Labs in the upper echelons of most valuable crypto startups in the world, though it would be still some ways behind the likes of Ethereum scaler Polygon, which is worth $20 billion as of its recent funding round, and USDC stablecoin backer Circle, which was valued at $9 billion in February.
  • Like several other blockchains, Avalanche is looking to draw projects and applications away from the Ethereum blockchain with the promise of high speeds and low transaction fees. Specifically, Avalanche offers "subnet/" functionality, where application-specific blockchains can be spun up at scale.
  • Ava Labs didn't immediately respond to a request for comment.

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Jamie Crawley is a CoinDesk news reporter based in London.

CoinDesk - Unknown

Jamie Crawley is a CoinDesk news reporter based in London.