Flashbots becomes unicorn after completing $60 million raise
Ethereum infrastructure service Flashbots has raised approximately $60 million at a valuation of $1 billion.
The company filed with the Securities and Exchange Commission on July 21 to notify the agency it had raised about $30.4 million of the total it was seeking. Two more SEC filings are expected to become public in the coming days which will show the firm raised the total amount desired, according to a person familiar.
Investors and partners had been invited to invest in a reverse pitch “beauty contest for decentralization.”
The company confirmed it had fully subscribed the Series B round thanks to the participation of “leading venture capital firms, Layer-2 networks,” angel investors, decentralized exchanges and apps, in addition to MEV supply chain actors, according to an email sent to The Block.
Capital earmarked for Suave
The funding will be directed toward development of the Suave platform that allows users to “transact cheaper and more privately” on the blockchain.
The completion of the Series B round follows reporting from The Block earlier this year stating the startup aspired to attain unicorn status by raising up to $50 million. Top crypto VC Paradigm was the lead investor in the company’s seed-stage fundraise in 2020, according to Crunchbase.
Flashbots’ service proposes blocks for validators running the Ethereum blockchain.
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Author: RT Watson
