Figment – a company that provides blockchain infrastructure and protocol staking – announced a $110 million Series C fundraise at a $1.4 billion post-money valuation. The investment was led by Thoma Bravo – an American private equity and growth capital firm.
Figment to Work on the Web3 Ecosystem
Apart from Thoma Bravo, the funding round was supported by many other giants in the financial field. These include Counterpoint Global (one of Morgan Stanley’s equity teams), Binance Labs, Avon Ventures, Mirae Asset, Bitstamp, CMS Holdings, B Capital Group, and more.
Figment aims to provide more accessible Internet by employing Proof of Stake (PoS) blockchain technology. The company is among the leaders in building the Web3 ecosystem and will use the $110 million to support the adoption, growth, and long-term success of the new iteration of the Internet that incorporates decentralization.
Lorien Gabel – Co-Founder and CEO of Figment – said his firm has had an “exceptional” year mainly because PoS has become mainstream and thus transformed the finance sector and added:
“The caliber of investors in our Series C round cements Figment’s position as one of the most trusted and well-established platforms in the Web3 ecosystem.”
Gabel claimed that “tons of experienced engineers” have recently jumped from traditional software into the crypto space. He revealed many of these people have joined Figment’s team and helped create an “amazing Web3 native organizational culture.”
Tre Sayle – a Partner at Thoma Bravo – commented on the funding round, as well, saying, “We are thrilled to be partnering with the talented Figment team.” The exec described Figment as a company focused on building the next generation of blockchain technology, which has an entrepreneurial culture.
Other Investments Orientated Towards Web3
A few days ago, Seven Seven Six (a venture capital firm owned by Reddit’s Co-Founder Alexis Ohanian) partnered with Polygon to launch a $200 million fund to boost developments in the Web3 sector. The initiative will support protocols that explore “better ways for humans to connect online.”
Speaking on the investment, Ohanian said Web3 is still in its early stages, and the “most obvious opportunities right now are in gaming and social media.”
“The initiative will do just that, with a focus on gaming properties and social media platforms built on Polygon’s scalable infrastructure. We have already seen some of the best products founders in our portfolio start building on Polygon, and I’m excited for Seven Seven Six and Polygon to play a big role in shaping what the new Internet looks like.” – he added.
