Bloomberg: Ava Labs, the developer of Avalanche, raises $350 million at a $5.25 billion valuation

The Avalanche development startup Ava Labs has kicked off a funding round worth $350 million, valuing the company at $5.25 billion, according to people familiar with the matter cited by Bloomberg.

According to DappRadar, Avalanche has 244 dapps launched, predominantly in gaming and DeFi. By total value locked ($10.7 billion), the network ranks fourth, according to DeFi Llama.

Avalanche (AVAX) sits in 10th place in CoinGecko’s ranking of cryptocurrencies by market capitalization, at $21.75 billion. Over the last 30 days, the asset’s price has risen by 18%.

In September 2021, the Avalanche Foundation raised $230 million in a private token sale. The funding was led by Polychain Capital and Three Arrows Capital.

In 2020, Ava Labs raised $12 million in a private token sale and $42 million in a public sale. The Avalanche mainnet launch took place on September 21, 2020.

In March 2022, the Avalanche Foundation launched a program to reward developers with $290 million and a $100 million fund for entertainment projects.

In April, the Terra Luna Foundation Guard and Terraform Labs announced total investments of $200 million in AVAX to bolster the resilience of the algorithmic stablecoin UST.

Subscribe to ForkLog news on Telegram: ForkLog Feed — all the news, ForkLog — the most important news, infographics and opinions