Total amount raised
$244 Millions
Latest funding date
Location
Title
Monad has successfully raised $19 million in a single funding round, achieving a valuation of $200 million. The platform is a high-performance, EVM-compatible Layer 1 blockchain designed to offer breakthrough performance and true decentralization.
Keep reading to explore the intricacies of Monad's fundraising journey and the investors backing this innovative platform.
What Is Monad?
Monad, founded in 2022, is a blockchain protocol developer based in New York, New York. The company focuses on enhancing Ethereum throughput through parallel transaction processing techniques.
Founded by Eunice Giarta, James Hunsaker, and Keone Hon, Monad aims to address the blockchain trilemma by providing decentralization, security, and scalability. The platform is fully compatible with the Ethereum Virtual Machine (EVM), offering high transaction speeds and low gas fees.
With a team of 11-50 employees, Monad is dedicated to creating a high-performance, EVM-compatible Layer 1 blockchain. The company combines performance and portability to streamline Ethereum throughput.
How Much Funding Has Monad Raised?
- Seed Round
- Amount Raised: $19M
- Date: February 2023
- Lead Investors: Dragonfly
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart the development of their high-performance, EVM-compatible Layer 1 blockchain.
- Series A
- Amount Raised: $225M
- Date: April 2024
- Lead Investors: Paradigm
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To hire additional staff and transition the test version of their blockchain into production.
- Venture Round
- Amount Raised: Not publicly disclosed
- Date: May 2024
- Lead Investors: OKX Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further enhance their blockchain technology and expand market reach.
Monad has raised a total of $244M with a current valuation of $200M.
Key Investors
- Dragonfly
- Details: Dragonfly is a global crypto venture fund that invests in blockchain technology and digital assets. They aim to bridge the gap between the East and West in the crypto space.
- Investment Focus Areas: Blockchain, DeFi, digital assets.
- Notable Investments: MakerDAO, Compound, dYdX.
- Paradigm
- Details: Paradigm is a venture capital firm focused on supporting innovative projects in the cryptocurrency and blockchain space. They are known for their deep technical expertise and long-term investment approach.
- Investment Focus Areas: Cryptocurrency, blockchain innovation, DeFi.
- Notable Investments: Uniswap, Optimism, FTX.
- OKX Ventures
- Details: OKX Ventures is the investment arm of OKX, one of the world's leading cryptocurrency exchanges. They focus on early-stage blockchain projects and aim to support the growth of the blockchain ecosystem.
- Investment Focus Areas: Blockchain, DeFi, NFTs.
- Notable Investments: Solana, Avalanche, Polkadot.
- Electric Capital
- Details: Electric Capital is a venture capital firm that invests in cryptocurrencies, blockchain-based businesses, and related technologies. They are known for their data-driven approach to investing.
- Investment Focus Areas: Cryptocurrencies, blockchain-based businesses, DeFi.
- Notable Investments: Bitwise, Celo, NEAR Protocol.
- Coinbase Ventures
- Details: Coinbase Ventures is the investment arm of Coinbase, a leading cryptocurrency exchange. They invest in early-stage cryptocurrency and blockchain startups to drive innovation in the space.
- Investment Focus Areas: Early-stage cryptocurrency startups, blockchain technology, DeFi.
- Notable Investments: Compound, BlockFi, Etherscan.
What's Next for Monad?
Monad stands at the cusp of a significant opportunity, aiming to revolutionize the blockchain space with its high-performance, EVM-compatible Layer 1 blockchain. With the ability to process 10,000 transactions per second, Monad is poised to capture a substantial share of the DeFi market, offering unparalleled transaction speeds and efficiency.
Future fundraising seems promising, given the substantial $225 million already raised and the involvement of high-profile investors like Paradigm and Electric Capital. This financial backing positions Monad well for further rounds to support its ambitious growth plans.
However, challenges loom on the horizon. Competition from other layer-1 blockchains like Solana and Cardano, along with technical hurdles in optimizing performance, could pose significant obstacles. Ensuring seamless integration with existing DeFi applications will also be crucial for Monad's success.
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