Web3 Infrastructure Startup Mysten Labs Hits $2B Valuation

Mysten Labs, the developer of the Sui Layer 1 blockchain, has closed a $300 million Series B at a more than $2 billion valuation.

The new round was led by FTX Ventures. Mysten raised a $36 million Series A led by a16z last December.

Palo Alto, California-based Mysten is building out the infrastructure of its own blockchain—Sui—which Web3 applications can be built upon.

Web3 funding pours in

The round comes just about six weeks after Palo Alto-based Layer 1 startup Aptos Labs closed a $150 million Series A, also led by FTX Ventures, along with Jump Crypto. The round valued the company at $2 billion. Aptos also closed a $200 million round in March.

The funding once again shows investors’ strong appetite for all things Web3. That is especially true for those building at the very  top of the chain. Layer 1 system blockchain build their own blockchain—meaning it will not sit on Ethereum or another network, but be its own decentralized network.

According to Crunchbase data, VC-backed blockchain startups have raised nearly $12.8 billion this year. That puts it on a similar pace to last year when more than $18.5 billion poured into the space.

Aside from FTX Ventures, other inventors in the new round included participation from a16z crypto, Jump Crypto, Apollo, Binance Labs, Franklin Templeton, Coinbase Ventures, Circle Ventures, Lightspeed Venture Partners, Sino Global, Dentsu Ventures, Greenoaks Capital and O’Leary Ventures, among other investment funds and strategic partners.

To see more of our Web3 coverage, visit Crunchbase’s Web3 Tracker—a new site to look at startups, investors and funding news concerning all aspects of Web3, cryptocurrencies and blockchain.

Further reading:

• Special Series Part 2: Doubling Down On Web3—These Startups Raised Big At Bigger Valuations
• Web3 Startup Aptos Locks Up $150M From FTX Ventures, Jump Crypto
• Early-Round Unicorns Still Being Minted Despite Market Pullback

Illustration: Dom Guzman

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