Web financing

Figment Accelerates Web 3 Leadership with $110M Series C Funding

NEW YORK–(BUSINESS WIRE)–Figment, one of the world’s largest blockchain infrastructure and service providers, today announced a $110 million Series C funding round at a post-money valuation of 1.4 billion dollars. The funding round was led by Thoma Bravo, a leading software investment firm, with participation from Counterpoint Global (Morgan Stanley), Binance Labs, Mirae Asset, ParaFi Capital, Avon Ventures, a venture capital fund affiliated with FMR LLC, the parent company of Fidelity Investments, Bitstamp, CMS Holdings, Two Sigma, B Capital Group, Franklin Templeton, DTCP and StarkWare.

Founded on the mission to build a better, more inclusive, user-controlled Internet by increasing the use of the next generation of Proof of Stake (“PoS”) blockchains, Figment plays a leading role in building 3. Figment web ecosystem provides crucial blockchain infrastructure, protocol staking, and research, and is now expanding its reach into the application layer to empower entrepreneurs and developers to build amazing products and services on Proof of Stake blockchains. The fundraising caps a year of extraordinary growth for Figment and solidifies its position as a leader in the Web 3 industry. Driven by an increase in supported networks, expanded services, and the expansion and retention of employees and customers, Figment has experienced explosive year-over-year growth.

The new capital raised will expand Figment’s ability to support the adoption, growth and long-term success of the Web 3 ecosystem, as well as significantly increase its workforce.

“Figment has had an exceptional year marked by continued success and explosive growth as point of sale has become mainstream amid the growing movement to make finance more accessible and inclusive,” said Lorien Gabel, co-founder and Figment CEO. “The caliber of investors in our Series C round cements Figment’s position as one of the most trusted and established platforms in the Web 3 ecosystem. We’re seeing tons of experienced engineers transitioning from traditional software to this space. Many of these people have joined our team and we have created an incredible Web 3 native organizational culture around them.”

“We are thrilled to partner with the talented team at Figment at an exciting stage in their growth journey,” said Tre Sayle, Partner at Thoma Bravo. “Figment’s dedication to creating a streamlined process for leveraging the next generation of blockchain technology along with their entrepreneurial culture sets the company apart and we are thrilled to work with them as they usher in the future of blockchain.” Web 3.”

Commercial highlights in 2021 include:

  • Invested in recruitment and talent development efforts to significantly increase headcount to 118 employees worldwide with zero turnover.

  • Achieved over $7.5 billion in digital assets staked on its infrastructure across more than 50 supported networks, now supporting over 130 institutional clients, up from 31 the previous year.

  • Launch of Figment Capital, the investment arm of Figment dedicated to fueling the growth of new decentralized protocols and applications by leveraging the company’s wealth of experience, connections and expertise in the Web 3 space and by investing in innovative projects.

  • Joining the Pyth Data Oracle Network as a Core Contributor and Partner, working closely with Pyth Network participants to bring even more functionality and usability to the Pyth Network.

  • Joining The Graph ecosystem as one of three core protocol development teams, marking the next evolution of Web 3, which we believe will profoundly change the world.

ABOUT THE FIGURE

Figment’s goal is to build a better internet by increasing the use of the next generation of Proof of Stake blockchains. These efficient blockchains give people better control over their data, more privacy, and increase financial inclusion. By eliminating middlemen, they also limit the power of centralized data monopolies, rent-seeking institutions and anti-social algorithms. We realize our mission by helping investors stake their tokens; gain performance and participate in securing the blockchain. Our Hubble and Prime apps along with our governance expertise enable token holders to analyze, monitor and make informed decisions. We create communities of Web 3 developers through our Learn training program, then make it easy for those developers to launch apps and manage smart contracts through our DataHub platform. And finally, by building and operating indexers based on The Graph, we enable efficient searching and querying of blockchain data.

ABOUT THOMA BRAVO

Thoma Bravo is one of the world’s largest private equity firms, with over $91 billion in assets under management as of September 30, 2021. The firm invests in innovative, growth-oriented companies operating in the industries software and technology. Leveraging the firm’s deep industry expertise and proven strategic and operational capabilities, Thoma Bravo works with its portfolio companies to implement operating best practices, drive growth initiatives and execute acquisitions. accretive investments intended to accelerate revenues and profits. Over the past 20 years, the company has acquired more than 325 companies representing over $155 billion in enterprise value. The company has offices in Chicago, Miami and San Francisco. For more information, visit thomabravo.com.