Polygon raises $450 million from Sequoia Capital and other investors

The Polygon team has raised $450 million from Sequoia Capital India with participation from more than 40 venture investors.

#Polygon is now backed by the best. It’s truly reflective of the common vision of the many in making web3 the choice of the billions.#WAGMI💜https://t.co/LgG1OSRvEz

— Polygon | $MATIC 💜 (@0xPolygon) February 7, 2022

Tiger Global and SoftBank, via Vision Fund 2, as well as Galaxy Digital, Republic Capital, Makers Fund, Alameda Research, Sino Global Capital, billionaire Alan Howard, Reddit co-founder Alexis Ohanian, Animoca Brands, Spartan Fund, Dragonfly Capital, TV personality Kevin O’Leary and others participated in the round.

The funds will be used to develop its solutions and deploy Web 3.0 applications.

The native MATIC token reacted sharply to the news. At the time of writing the coin was trading at around $1.98, up 16.6% over the last 24 hours, according to CoinGecko.

In late 2021 TechCrunch, citing sources, reported plans for Polygon to raise up to $150 million in venture investments. Among the participants in the potential deal to invest in the network of second‑level security solutions and autonomous sidechains, the publication named Sequoia Capital India and Steadview Capital.

Earlier in 2021, Polygon acquired the Mir Protocol startup, which was developing the Plonky2 protocol. The deal was worth $400 million.

As a result of the rebrand, Mir Protocol became Polygon Zero. In January 2022, the Polygon team unveiled the solution for scaling Plonky2 based on zero‑knowledge proofs.

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