Business News Report
April 04, 2023

LayerZero Labs Hits $3B Valuation After Raising $120M in Series B Round Backed by a16z Crypto

In Brief

LayerZero Labs is the team behind the blockchain messaging protocol, LayerZero.

Prominent web3 VCs including a16z crypto, Circle Ventures, and OpenSea Ventures participated in the round.

Funds will be used to continue growing LayerZero and expand its team.

LayerZero Labs Hits $3B Valuation After Raising $120M in Series B Round Backed by a16z Crypto

LayerZero Labs, the team behind the blockchain messaging protocol LayerZero, has closed its $120 million Series B funding round at a valuation of $3 billion. 

The round saw participation from 33 investors, including prominent web3 VCs, such as a16z crypto, Circle Ventures, OpenSea Ventures, Binance, and Blockdaemon, alongside BOND, Christie’s, Samsung Next, and Sequoia Capital.

As a blockchain messaging protocol, LayerZero facilitates cross-chain messaging across 30 blockchains and provides the underlying infrastructure for developers to create interoperable, chain-agnostic dApps.

This new funding round comes a year after LayerZero Labs raised $135 million and reached unicorn status. LayerZero will use the freshly raised capital to continue growing its messaging protocol, expand its team, and grow its presence in the APAC region. 

LayerZero Labs is co-founded by Bryan Pellegrino (CEO), Ryan Zarick (CTO), and Caleb Banister (Principal Engineer). The trio has previously founded startups together and co-published academic research with Noam Brown and Facebook AI Research.

According to a press release, LayerZero has facilitated over two million messages being relayed across more than 30 chains, secured over $7 billion in Total Value Locked (TVL), and processed more than $6 billion in transactional volume in the first year since its launch in 2021. More than 30,000 contracts have been deployed on its testnet and 3,500 on its mainnet, with over 10,000 unique applications and hundreds of thousands of unique end users.

“Before the advent of the internet, computers existed in fragmented and disconnected data centers, much like many blockchains today. LayerZero is revolutionizing blockchains by creating one unified ecosystem, like the internet, that connects each blockchain’s developers and user community. The core principles of the LayerZero protocol are permissionless, censorship-resistant, and immutable,”

Ryan Zarick, Co-Founder and CTO of LayerZero Labs, said in a statement.

The LayerZero protocol is used by decentralized exchanges (DEXs), such as PancakeSwap, Sushiswap, TraderJoe, and Uniswap. 

“There is no longer any question that the future of crypto and web3 is multi-chain. LayerZero has built critical infrastructure that makes that possible. LayerZero is already handling more transactions to and from major ecosystems than the native bridges. We’re thrilled to continue supporting the LayerZero team as they break down barriers between chains,” said Ali Yahya, general partner at a16z crypto.

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About The Author

Cindy is a journalist at Metaverse Post, covering topics related to web3, NFT, metaverse and AI, with a focus on interviews with Web3 industry players. She has spoken to over 30 C-level execs and counting, bringing their valuable insights to readers. Originally from Singapore, Cindy is now based in Tbilisi, Georgia. She holds a Bachelor's degree in Communications & Media Studies from the University of South Australia and has a decade of experience in journalism and writing. Get in touch with her via [email protected] with press pitches, announcements and interview opportunities.

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Cindy Tan
Cindy Tan

Cindy is a journalist at Metaverse Post, covering topics related to web3, NFT, metaverse and AI, with a focus on interviews with Web3 industry players. She has spoken to over 30 C-level execs and counting, bringing their valuable insights to readers. Originally from Singapore, Cindy is now based in Tbilisi, Georgia. She holds a Bachelor's degree in Communications & Media Studies from the University of South Australia and has a decade of experience in journalism and writing. Get in touch with her via [email protected] with press pitches, announcements and interview opportunities.

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