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Gungun Bhatia
Jul 26, 2022

Former Meta Staffs Help Aptos Labs Raise Money Surge in Web3 Startups

Aptos Labs
Aptos Labs, a Web3 firm that sprang from Meta Platforms Inc.'s unsuccessful cryptocurrency ventures, has secured $150 million in new funding, according to a business release published on July 25. Jump Crypto and FTX Ventures served as the round's lead investors. Other investors included Apollo, Griffin Gaming Partners, Franklin Templeton, Circle Ventures, Superscrypt, which was funded by Temasek, and ongoing support from a16z and Multicoin.

Aptos wants to improve its products. The announcement said:

"This funding comes at a critical time in our industry. At Aptos, we are taking this as an opportunity to build the reliable foundation web3 has been waiting for."

In a statement to Bloomberg, Ching stated,

"We are building upgradeable, cutting-edge blockchain solutions that will significantly improve the web3 experience for developers, marketers, and consumers."

Aptos has secured $350 million in fundraising over two rounds, claims Crunchbase. After obtaining $200 million in its previous round, the startup's current investment has increased its valuation, which was above $1 billion in March, according to Bloomberg.

Funding at a Period of Declining VC Interest

Mysten Labs, a second company founded by former Meta workers, is reportedly also raising fresh cash while creating a blockchain that makes use of the Move programming language. The unicorn stated that most of the developers, maintainers, and bright minds behind the "Move language and Move Prover" belong to their team, continuously working to "enhance the language, tools, and resources" that will bring the "simplicity and security of Move" to everyone.

However, the announcement of the investments also follows a decline in venture capitalist interest in cryptocurrencies amid the market slump. The longer time it has taken to conclude crypto VC agreements, according to David Nage, venture capital portfolio manager at Arca, has resulted in lower valuations for the cryptocurrency sector.

Former Meta Staffs Help Aptos Labs Raise Money Surge in Web3 Startups
Gungun is an enthusiastic writer that likes to create content for various aspects of the blockchain and crypto industry. She carries out extensive research and provides readers with informative and high-quality material.

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