Bloomberg: Developer Avalanche raises $350M at $5.25B valuation

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Avalanche startup Ava Labs has opened a $350 million funding round at a $5.25 billion valuation, Bloomberg writes, citing informed sources.

According to DappRadar, there are 244 dapps running on Avalanche, predominantly in gaming and DeFi. By amount of blocked funds ($10.7 billion) the network is ranked fourth, according to DeFi Llama.

Avalanche (AVAX) is ranked 10th in CoinGecko’s cryptocurrency capitalization rating with $21.75 billion. Over the past 30 days, the asset price has increased by 18%.

In September 2021, the project-affiliated Avalanche Foundation raised $230 million in a private token sale. The funding was led by Polychain Capital and Three Arrows Capital.

In 2020, Ava Labs raised $12 million in a private token sale and $42 million in a public token sale. The Avalanche mainnet launched on September 21, 2020.

What is Avalanche?

Recall that in March 2022, the Avalanche Foundation launched a $290 million developer incentive program and a $100 million fund for entertainment projects.

In April, the Terra Luna Ecosystem Development Foundation Guard and Terraform Labs announced a combined $200 million investment in AVAX to improve the sustainability of the UST algorithmic stablecoin.

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