Neon Labs raises $40 million from Jump Capital and other investors

The Neon Labs startup, behind developing the Ethereum Virtual Machine (EVM) on Solana, raised $40 million in a private token sale.

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📢JUST IN: @neonlabsorg raised $40M in a joint round, led by @jumpcapital pic.twitter.com/0hAMBTgBNa

— Neon Labs (@neonlabsorg) November 9, 2021

The round was led by venture firm Jump Capital. It also included Three Arrows Capital, Solana Capital, Rockaway Blockchain Fund, Ethereal Ventures, IDEO CoLab Ventures and others.

The funds will be used to expand the team, specifically to hire developers and marketing professionals.

Neon EVM enables deploying in the Solana network decentralized applications and smart contracts written for Ethereum. The startup’s CEO Marina Guryeva, in a comment to The Block clarified that the EVM is operating on Solana’s testnet and will soon be launched on the mainnet.

In October, the Solana Foundation opened for validators the ability to run nodes on server hardware.

Earlier in November, Solana Ventures, Lightspeed Venture Partners and FTX announced the creation a $100 million fund to invest in blockchain-game startups.

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