A sharding-focused blockchain startup Shardeum attracted $5.4 million in a strategic funding round.
According to The Block, Shardeum’s valuation reached $248 million.
“These investments will allow us to prioritise decentralisation, expanding our global community through education and other key initiatives,” said Kelsey McGuire, Shardeum’s Head of Growth.
Participants in the funding round included Amber Group, Galxe, J17 Capital, TRGC, Jsquare, Bware Labs, Tané Labs, Hyperithm Group and Luganodes.
In October 2022, the startup raised $18.2 million in seed funding, valuing the company at $199 million.
The Shardeum mainnet is planned to launch by the end of 2023.
The project is led by Nischal Shetty, founder of the Indian exchange WazirX, and blockchain architect Omar Saeed.
In June, venture deals in the crypto industry fell by 71%.
On March 7, the Ethereum startup Scroll raised $50 million at a valuation of $1.8 billion. Earlier, Web3Go completed a seed funding round of $4 under Binance Labs.