StarkWare quadruples the valuation
The startup has raised around $260 million to date, including a $50 million Series C round at a $2 billion valuation six months ago. Since then, it has quadrupled its valuation. The funding round was led by Greenoaks Capital and Coatue. Tiger Global is also an investor. According to a press release, there is also a secondary transaction to Series D, with employees selling certain shares.
The funding round is rumored to materialize at a $6 billion valuation in March. Yet, despite the downturn in the crypto market, its valuation turned out to be higher.
We are delighted to announce our $100 million Series D at a valuation of $8 billion.
We would like to thank Greenoaks and Coatue – our lead investors, Tiger Global, and many of our existing investors, for their vote of confidence in the technology, products and ecosystem we are building. pic.twitter.com/0R1e1h31HK
—StarkWare (@StarkWareLtd) May 25, 2022
What is Starkware?
Founded in 2017, Israeli company StarkWare offers two Ethereum scaling products: StarkEx and StarkNet. The former is a custom, permissioned Ethereum scaling engine used by dYdX, Sorare, and Immutable X. Whereas StarkNet is a decentralized, permissionless ZK deployment network that was recently fully launched.
StarkWare’s ZK-STARK rollups use zero-knowledge proofs, which preserve confidentiality by publishing only the time and date; only the recipient can access the transaction details.