Web3 Startup Mysten Labs Aiming for $2B Valuation in Latest Funding: Report

FTX Ventures is reportedly leading this round for Mysten, which was founded by former Meta (Facebook) executives.

By Brandy Betz

Jul 11, 2022 at 9:18 p.m. UTC

Updated Jul 11, 2022 at 9:46 p.m. UTC

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Brandy Betz

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Mysten Labs is in talks to raise at least $200 million in Series B funding at a $2 billion valuation, according to The Information sources.

Investors – led by FTX Ventures – have committed at least $140 million for this round, according to the report.
Mysten Labs, which launched its decentralized blockchain Sui in March, was founded by veterans of Novi Research, the crypto research and development division of Meta (formerly Facebook). Among the co-founders is CEO Evan Cheng, who formerly served as head of research and development for Meta’s crypto wallet initiative.
In December 2021 Mysten raised $36 million in a Series A funding round led by Andreessen Horowitz.

Mysten Labs didn't responded immediately to a request for comment.

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Brandy Betz

Brandy covers crypto-related venture capital deals for CoinDesk.

Follow @BrandyBetz on Twitter

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Brandy Betz

Brandy covers crypto-related venture capital deals for CoinDesk.

Follow @BrandyBetz on Twitter