VCs Bet Big on Interoperability

Apr 6, 2023 • 4 Min Read

Funding declined slightly this week, from $316M to $254M, with infrastructure making up the majority of funding for the second week in a row at $200M, nearly 80% of total funding. Infrastructure also had one of the biggest deals of the year – LayerZero Labs, an interoperability protocol that raised $120M in a Series B round. We discuss this deal in more depth later in this report. Other segments lagged behind, with each other category accounting for less than $25M.

There were three crypto funds raised this week. The RxR Opportunities Fund raised $100M to invest in liquid tokens. This fund is a strategic venture between VC firm, Re7 Capital and crypto infrastructure firm, Republic Crypto. Theory Ventures raised $230M to invest in web3, data, and machine learning startups and Delphi Labs raised $14M for a web3 accelerator that will invest $200,000 in each team accepted into the 4-6 month program.

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The video in this report is only accessible to members

The Deal of the Week

This week's Deal of the Week is LayerZero Labs, the team behind the blockchain interoperability protocol, LayerZero. LayerZero Labs raised $120M in Series B funding in a round that included a16z Crypto, Sequoia Capital, and Circle Ventures, among others. This round puts LayerZero Labs at a whopping $3 billion valuation. The team has ...

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