StarkWare project raises $100 million in Series D at an $8 billion valuation

The StarkWare project, specializing in layer-2 scaling solutions, closed a Series D financing round of $100 million. Investors valued the company at $8 billion.

We are thrilled to announce our $100M Series D at an $8B valuation.

We would like to thank Greenoaks and Coatue — our lead investors, Tiger Global, and many of our existing investors, for their vote of confidence in the technology, products, and ecosystem that we’re building. pic.twitter.com/0R1e1h31HK

— StarkWare (@StarkWareLtd) May 25, 2022

The round was led by venture firms Greenoaks Capital and Coatue. The financing also included new and existing investors, including Tiger Global. As part of the deal, StarkWare employees had the opportunity to sell their shares.

Founded in 2017, StarkWare provides two Ethereum scaling-focused products — StarkEx and StarkNet. The former is based on a SaaS-model and позволяет decentralized applications to meet \”specific needs\”. It is used by platforms such as dYdX and Sorare.

The second product is a permissionless solution on top of Ethereum based on Rollup. It enables developers to create and deploy their own smart contracts, as well as interact with other applications.

The funds from investors will be directed toward expanding the product line, growing the business, and building an ecosystem around StarkEx and StarkNet. StarkWare also plans to increase headcount.

Back in November 2021, the project raised $50 million at a $2 billion valuation — since then, that figure has quadrupled.