Quick take:
- The fundraising also attracted participation from SevenX Ventures, Nomad Capital, Chapter One, Foresight Ventures, Mirana Ventures, Hashkey Capital and others.
- The announcement comes just weeks ahead of mainnet and token launch according to founder Anurag Arjun.
- The fundraising follows Avail’s $27 million seed round announced in February this year.
Avail, the modular blockchain platform founded by former Polygon co-founder Anurag Arjun has secured a $43 million Series A round co-led by Peter Thiel’s Founders Fund, Dragonfly, and Cyber Fund.
The fundraising also attracted participation from SevenX Ventures, Figment Capital, Nomad Capital, Chapter One, Foresight Ventures, Mirana Ventures, KR1, Alliance, and Hashkey Capital.
The Series A round was structured as a combination of a simple Agreement for Future Equity (SAFE) and a Simple Agreement for Future Tokens (SAFT) Arjun told The Block.
The fundraising also comes on the heels of the company’s $27 million seed round announced in February, which Founders Fund and Dragonfly, with participation from SevenX, Figment, and Nomad Capital.
Avail also secured a $5 million pre-seed round according to Arjun and has now raised a total of $75 million.
The announcement also comes just weeks ahead of Avail’s mainnet and token launches, Arjun said.
The former Polygon co-founder is building a modular blockchain platform that focuses on rollup infrastructure, as he expects rollups and layer 2s to dominate the industry in the future.
“There will be a few base layers, like Ethereum and Avail, and then hundreds and thousands of rollups on top. Avail is building the infrastructure to support this rollup-centric future,” Arjun said.
Avail is developing a trinity of products Data Availability (DA) layer, the Nexus unification layer, and Fusion, an additive security layer, which will address among other Web3 challenges, rollup scalability. The platform leverages validity proofs, which enable 10x faster guarantees on transaction finalization.
Joey Krug, partner at Founders Fund, said in a statement: “Avail makes data availability — a historically costly problem for blockchains — much cheaper and more efficient with their innovative, custom-built approach.
“Their DA solution, paired with their Nexus interoperability layer and Fusion security layer, makes it super seamless and easy for teams to create new protocols leveraging Avail’s tech stack.”
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