Connext, the pioneering blockchain interoperability protocol, has successfully concluded its strategic fundraising round, raising $7.5 million and achieving a valuation of $250 million. With this latest funding, Connext’s total funding now stands at an impressive $23.2 million. The capital secured will be utilized to establish and operate the Connext Foundation, which will play a vital role in the protocol’s success. The foundation’s responsibilities include overseeing protocol development, supporting long-term ecosystem growth through development grants, and funding community-led initiatives.
The strategic round attracted participation from renowned investors such as Polychain Capital, NGC Ventures, Polygon Ventures, IOSG Ventures, Fenbushi Capital, KXVC, a_capital, No Limit Holdings, Factor, and Dokia Capital. Notable existing Connext investors include Coinbase Ventures, Ethereal Ventures, 1k(x), #Hashed, and Scalar Capital.
Similar to how HTTP revolutionized the creation of the interconnected web we use today, Connext empowers developers to construct interchain applications accessible from any network, facilitating interaction with funds and data across multiple blockchains simultaneously. This underlying technology acts as a communication layer, leveraging battle-tested infrastructure to provide users with optimal security, irrespective of the blockchain they are operating on.
Arjun Bhuptani, the founder of Connext, highlighted the company’s realization in 2020 that the future of web3 would resemble the current internet, comprising numerous independent blockchain networks communicating to deliver a unified, interconnected experience. As a public good, Connext focuses on building this future. By enabling decentralized applications to interact with users, data, and funds across multiple blockchains concurrently, Connext propels a new era of web3 applications.
To date, Connext has facilitated over 1.2 million crosschain transactions through its network. Since the launch of its V2 in late February 2023, the network has experienced rapid growth, attracting over 20,000 new users in the past month alone. Furthermore, 35 companies, including prominent names such as Metamask, Planet IX, and DODO, are actively developing on top of the Connext protocol.
Since its inception in 2017, Connext Labs has consistently been at the forefront of pioneering critical blockchain infrastructure. In 2018, the company developed the first payment-focused Layer-2 scalability system on Ethereum, which is utilized by Metamask, The Graph, and other industry players. In 2019, the Connext team contributed to the creation of one of the earliest widely adopted DAO frameworks, MolochDAO, earning support from prominent figures like Vitalik Buterin and Joseph Lubin. MolochDAO has since served as the framework for hundreds of DAOs, governing significant value.
Joseph Lubin, Chairman at Ethereal Ventures and ConsenSys Mesh, expressed confidence in Connext’s vision, emphasizing that the protocol not only revolutionizes the development of Web3 applications but also addresses a crucial challenge in the blockchain landscape—security across chains. Lubin firmly believes that Connext possesses the right team and technology to actualize an interconnected future for all blockchain networks.