Connext Labs, a blockchain protocol attempting to enable the development of applications that can access multiple networks, has raised $7.5 million in funding from Polychain Capital, Polygon Ventures and other investors.

The round, which takes Connext's total funding to $23.2 million, gives the startup a $250 million valuation, according to an emailed announcement on Wednesday.

Connext said it is "building the HTTP of Web3," forming a communication layer across different blockchain networks so that applications can interact with funds and data on multiple networks at the same time.

Interoperability enables developers to build applications without the risk of their being bogged down by congestion or high fees on one particular blockchain, a concern that is often raised of the world's most dominant network for decentralized finance (DeFi) Ethereum.

The new capital will be used to set up the Connext Foundation, which will be responsible for issuing development grants and funding to Connext-built initiatives.

The company's investors also include Coinbase Ventures, Ethereal Ventures, 1kx, #Hashed, and Scalar Capital.

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