Solana Labs raises $314 million from a16z and Polychain Capital

Solana Labs, the developer of the Solana blockchain, raised $314 million in a private token sale. Reports from WSJ, The Block and other outlets.

The round was led by venture firms Andreessen Horowitz (a16z) and Polychain Capital, with participation from Alameda Research, CMS Holdings, CoinShares, Jump Trading, Multicoin Capital, Sino Global Capital and others.

The exact amount invested was $314,159,265 — Pi multiplied by 100 million.

The funds will be used to create a venture arm to invest in its own ecosystem and to launch a studio to develop projects on Solana.

“We are convinced that scalability and throughput of the blockchain are already solved problems. The next phase is to attract a billion users,” said Anatoly Yakovenko, co-founder of Solana Labs.

As of writing, the SOL token ranks 11th on CoinMarketCap with a market capitalization of $11.7 billion. It has risen by 30% over the past seven days.

In March, cryptocurrency exchanges OKEx and MXC decided to allocate $40 million as strategic investments in the Solana blockchain ecosystem.

In May, the Solana Foundation, a nonprofit organization, raised $60 million to develop projects in Brazil, India, Russia and Ukraine.

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