- The startup is now valued at $250 million
- New capital will be used to create the Connext fund
- Total investment raised is $23.5 million
Interoperability Protocol, Connext, announced the closing of a $7.5 million strategic funding round. Investors were such leading funds as Polychain Capital, Polygon Fund and NGC Ventures. Coinbase Ventures, Ethereal Ventures, 1kx, #Hashed and Scalar Capital also participated in the funding round.
The company wrote in a statement that it plans to use the investment raised to create the Connext Foundation, which will be responsible for issuing development grants and funding long-term growth strategies. Connext announced that they are creating “HTTP Web3,” developing a communication layer for various blockchain networks. That is, their goal is to allow programs to interact with finances and data simultaneously across multiple networks.
Arjun Bhuptani, founder of Connext, said the first project will promote public coordination by focusing on suggestions for improving the protocol.. The focus will also be on providing grants to protocol development teams that are working on improvements to Connext.
In total, the protocol has already raised $23.5 million, and the valuation has reached the $250 million mark.. Since 2018, the company has conducted four rounds of financing. It is also known that the protocol is currently used by about 20,000. customers and processed more than 1.2 million transactions.