Morph EVM Secures $20 Million Funding Round Led by DragonFly Capital
Morph, a Layer 2 firm for the Ethereum Virtual Machine (EVM), has successfully raised $20 million in a seed funding round, with investment firm DragonFly Capital leading the way. Notable participants in the round also included Pantera Capital, Foresight Ventures, Spartan Group, MEXC Ventures, Symbolic Capital, Public Works, MH Ventures, and Everyrealm. Additionally, an angel round brought in an additional $1 million in funding.
The funds raised will be utilized by Morph to attract top talent, incentivize developers, bolster marketing efforts, and enhance its visibility within the Layer 2 ecosystem. Furthermore, the company aims to refine its technical infrastructure. Morph’s co-founder and CEO, Cecilia Hsueh, emphasized the firm’s ambition to revolutionize blockchain technology, particularly within the entertainment, finance, social, and gaming sectors.
The EVM, an essential software component, governs how the Ethereum network’s state is computed from one block to another. Morph stands out as the first EVM Layer 2 solution to launch with a decentralized sequencer on Ethereum. The company is committed to building for long-term success, as opposed to focusing solely on short-term gains, according to Azeem Khan, co-founder and COO at Morph.
The current bullish market conditions in the crypto space have prompted increased venture capital interest in new projects. Following a challenging period characterized by scandals and the collapse of FTX, the community is now witnessing a resurgence of positivity. Recent PitchBook data reveals a 2.5% rise in VC investment in crypto startups, amounting to $1.9 billion in Q4 2023, representing the first such increase since Q2 2022.