Coinspeaker
Monad Labs Successfully Raises $225M to Build EVM-Compatible L1 Monad Blockchain

Monad Labs, a web3-oriented company that has been developing an Ethereum-compatible layer one (L1) blockchain dubbed Monad, has completed a funding round led by Paradigm Venture Capital. According to the announcement, the funds will be used to further build and expand the Monad blockchain, with a goal of deploying the mainnet by the end of this year.

Meanwhile, Monad Labs is confident its 30 employees will deliver a testnet in the coming months.

The successful fundraising saw key participation from Electric Capital, Castle Island Ventures, Greenoaks, eGirl Capital, Amber Group, Animoca Ventures, Archetype, Bankless Ventures, Big Brain Holdings, Coinbase Ventures, and CoinFund, among others. Notable angel investors in the just concluded Monad fundraising include Inversebrah, Ansem, Hsaka, punk6529, Saquon Barkley, Eric Wall, and Rune Christensen, among others.

Monad Labs is excited to announce a $225M fundraise, led by @paradigm pic.twitter.com/cRchQd506k

— Monad (evm/acc) (@monad_xyz) April 9, 2024

As the M...