- The startup’s valuation has now reached the $100 million mark.
- EthStorage is focused on scaling the Ethereum network.
EthStorage, a startup specializing in scaling Ethereum-based storage, has raised $7 million in seed round funding investment. This brings the company’s valuation to the $100 million dollar mark.
The investment round was led by dao5, with participation from SevenX Ventures, Foresight Ventures, Sky9 Capital, Gate Ventures and Galxe, among others.
Gate Ventures managing partner Kevin Young told The Block that the funding round was structured as a “future token agreement” (SAFT).
At the time of writing, EthStorage is under development. The Gate Ventures blog says:
“The platform aims to maximize the security capabilities of the Ethereum network by increasing the Ethereum storage space with significant reductions in storage costs of up to 1/1000th of previous costs.”
Also earlier, Ethereum software infrastructure provider Flashbots raised $60 million in a Series B funding round.