Former Meta Employees Secure Funding for Aptos Labs Amid Web3 Startup Wave

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According to a July 25 trade announcement, Aptos Labs, a web3 startup that rose from the ashes of Meta Platforms Inc.’s failed cryptocurrency attempts, has raised $150 million in fresh capital.

The funding round was led by FTX Ventures and Jump Crypto, with additional investments from Apollo, Griffin Gaming Partners, Franklin Templeton, Circle Ventures, Temasek-founded Superscrypt, and continued support from a16z and Multicoin.

Aptos wants to develop its offers

The statement read: “This funding comes at a critical time for our industry. At Aptos, we take this as an opportunity to build the reliable foundation that web3 has been waiting for.

Former Meta workers Mo Shaikh and Avery Ching co-founded Aptos in 2021. It was after social media giant Diem’s ​​cryptocurrency project failed following stiff opposition from regulators that he was then sold.

Now, the company aims to significantly improve the usability and socialization of Web3 while working with its strategic partners to determine market demands, the statement said.

“We are developing scalable, cutting-edge blockchain innovations that will dramatically improve the Web3 experience for developers, brands and users,” Ching said in a statement to Bloomberg.

According to Crunchbase, Aptos raised a total of $350 million in funding in two rounds. According Bloombergafter raising $200 million in its latest round, the latest injection has doubled the startup’s previous valuation, which was over $1 billion in March.

However, the unicorn’s current valuation is not disclosed.

Funding at a time when venture capital interest is declining

According to reports, Mysten Labs, a second company created by former Meta employees, is currently raising new funds while developing a blockchain that uses the Move programming language. The unicorn noted, “Many creators, maintainers and brilliant minds behind the Move language and Move Prover are on our team and continue to improve the language, tools and resources that will bring the simplicity and security of Move to everything. the world. .”

Interestingly, Aptos and Mysten investors include Coinbase Ventures and Andreessen Horowitz.

That said, the investment news also stems from venture capitalists’ declining interest in cryptocurrencies amid the market downturn. Tech Crunch noted the statement by David Nage, venture capital portfolio manager at Arca, that valuations in the crypto sector have declined due to the longer time it has taken to complete crypto-VC deals.

“There’s been this kind of viral dialogue that around September valuations are going to drop even more significantly and it’s just going to be a frenzy,” Nage said.

Meanwhile, the media reports also confirmed that Coinbase Ventures’ transaction speed slowed in Q2, with total transactions dropping 34%, after seeing record high interest in Q1 2022.

That said, Aptos said it was excited “for this round’s strategic support in key verticals such as gaming, social media, media and entertainment, and finance.”

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