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Staking provider Figment raises $110 million at $1.4 billion valuation

Updated: Jul 25, 2024
Published: Dec 20, 2021
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Staking provider Figment has raised $110 million in a Series C funding round and is valued at $1.4 billion.

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Figment becomes a unicorn

The funding round was led by private equity firm Thoma Bravo, with more than $91 billion in assets under management. Other participants include Morgan Stanley's Counterpoint Global, ParaFi Capital, Avon Ventures, and crypto exchanges Binance, Bitstamp, Binance. US CMS Holdings, Franklin Templeton, and StarkWare. This investment brings Figment's total capital raised to date to approximately $165 million.

The funding will help the company add support for staking on more proof-of-stake blockchains and hire more developers. "Figment's rapid growth over the past few years combined with its institutional focus, from both a technological and service perspective, sets Figment apart as a highly strategic player poised for significant scale," said Tre Sayle, partner at Thoma Bravo.

What is Figment?

Launched in 2018 the staking provider supports the Web 3.0 ecosystem by enabling investors to stake their tokens, earn returns, and participate in blockchain governance across more than 50 networks, including Ethereum, Mina, Cardano Terra, Solana, and Polkadot. Figment itself is seeing $10 million in revenue per month and expects to see around $100 million in revenue this year. Figment had already raised $50 million in a Series B funding round in August. That round was led by Senator Investment Group and Liberty City Ventures.

The start-up's own $17.5 million investment fund, Figment Capital, launched in April and has since invested in teams and networks focused on proof-of-stake consensus models, interoperability, and data privacy. Investments include Osmosis, a decentralized exchange based on the Cosmos network, crypto-staking protocol Obol, and Ethereum scaling and privacy engine zkSync.

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