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Binance Labs Participates in the $110 Million Series C Funding of Figment

2022-08-04

Main takeaway:

  • Binance Labs participates in a $110 million Series C financing of Figment.

  • Figment has taken a pioneering role in supporting the Web 3 ecosystem.

  • Binance Labs is making targeted investments into crypto infrastructure and service providers to support broader blockchain adoption.

Binance Labs, the venture capital and incubation arm of Binance, invested in Figment, a leading blockchain infrastructure and service provider. Figment’s investment round was a $110 million Series C fundraising.

Figment has taken a pioneering role in supporting the Web 3 ecosystem and focuses on providing Proof-of-Stake protocol staking and other critical blockchain infrastructure and research. The company recently expanded its reach into the dApp & middleware layers, providing entrepreneurs and developers an easier way to build products and services on PoS blockchains.

Lorien Gabel, Co-founder and CEO of Figment, said: “The caliber of investors in our Series C round cements Figment’s position as one of the most trusted and well-established platforms in the Web 3 ecosystem. We're seeing many experienced engineers jump from traditional software into this space. Many of these people have joined our team, and we have created an amazing Web 3 native organizational culture around them.”

Ken Li, Investment Director at Binance Labs, said: “Binance Labs invests deeply into Web3 infrastructure teams. Across their many verticals, we’re especially excited by Figment’s growing developer tools & analytics infrastructure business, aimed at supporting the growing Web 3 engineering community.

With this funding round, the Figment team will focus on four core goals: supporting more PoS Blockchains, increasing global staking participation, scaling its middleware and dApp development layers and expanding its internal team.

The investment round was led by Thoma Bravo and includes participation from Counterpoint Global (Morgan Stanley), ParaFi Capital, Avon Ventures (Fidelity), Franklin Templeton, Binance.US and others. 

Binance Labs, the Venture Capital and Incubation Arm of Binance

Binance Labs identifies, invests, and empowers viable blockchain entrepreneurs, startups, and communities, providing financing to industry projects that help grow the larger blockchain ecosystem. Binance Labs is committed to supporting fast-executing teams who positively impact the crypto space.

Read the following articles for more information on projects that Binance Labs has participated in: