Messaging protocol platform LayerZero Labs inks C$120m Series B

• The deal values the company at C$3 billion
• The funds raised will support LayerZero’s continued growth, including increased headcount and a deeper presence in the Asia-Pacific region
• The Series B follows last year’s C$135 million financing of LayerZero, led by Sequoia Capital, FTX Ventures and Andreessen Horowitz

LayerZero Labs, the Vancouver-based developer of blockchain messaging protocol LayerZero, has secured C$120 million in Series B financing. The deal values the company at C$3 billion.

The round saw participation from 33 investors, including a16z crypto, Bond, Christie’s, Circle Ventures, OKX Ventures, OpenSea Ventures, Samsung Next and Sequoia Capital.

LayerZero’s technology facilitates cross-chain messaging across multiple blockchains. It provides the underlying infrastructure needed for decentralized applications to live across blockchains. By leveraging LayerZero, developers can create projects without the need for an intermediary to enable interactions.

The funds raised will support LayerZero’s continued growth, including increased headcount and a deeper presence in the Asia-Pacific region.

“There is no longer any question that the future of crypto and web3 is multi-chain,” said Ali Yahya, a general partner at a16z crypto, in a statement. “LayerZero has built critical infrastructure that makes that possible. LayerZero is already handling more transactions to and from major ecosystems than the native bridges. We’re thrilled to continue supporting the LayerZero team as they break down barriers between chains.”

Last year LayerZero raised C$135 million in financing led by Sequoia Capital, FTX Ventures and Andreessen Horowitz.