Blockchain start-up Aptos Labs picks up $150m from FTX Ventures, a16z
The Series A round brings the blockchain start-up's total funding so far to $350m
Blockchain start-up Aptos Labs has raised $150m in a new funding round led by FTX Ventures and Jump Crypto, according to a blog post.
Venture captail firms Apollo, Griffin Gaming Partners, Franklin Templeton, Circle Ventures and Superscrypt also participated in the round, as well as continued contribution from the firm’s existing investors a16z and Multicoin. The round brings the start-up’s total funding to date to $350m.
Aptos said in a statement that it will use this opportunity to “build the reliable foundation Web 3.0 has been waiting for”, adding: “This team has spent years building and battle testing world-class technology that will dramatically elevate the usability and socialisation of Web 3.0.”
Bringing Diem into reality
Aptos Labs was co-founded in 2021 by former Meta employees Mo Shaikh and Avery Ching, after they both worked on Meta’s failed crypto project Diem, an crypto initiative by the social networking giant that was looking to build its own cross-border payment system.
Earlier this year however, Diem CEO Stuart Levey confirmed that the platform was to shut down, with the sale of the firm’s intellectual property and other assets to Silvergate Capital Corporation, ending Zuckerberg’s hopes of creating a Meta-backed cryptocurrency.
A few months after Diem's closure, Aptos Labs confirmed it closed a $200m round led by a16z as well as leading crypto investors to fuel the next stage of its growth plans. While the firm did not disclose its valuation at the time, the start-up’s co-founders told TechCrunch that the valuation was “well off into the unicorn territory”.
Opportunity to boost Web 3.0 offering
Aptos Labs said: “This funding comes at a critical time in our industry. At Aptos, we are taking this as an opportunity to build the reliable foundation Web 3.0 has been waiting for. We are working with our strategic partners to identify consumer needs, and address them by shipping the most performant and upgradable blockchain technology.
“Our team will continue to deliver the most seamless experience in blockchain – developing the tooling and resources needed to foster a vibrant, secure and user-focused ecosystem.”