Web3 builder Figment gains unicorn status with a $110 million Series C fundraise at a $1.4 billion post-money valuation.
What Figment Does?
Figment is building a better Internet by increasing usage of the next generation of Proof of Stake blockchains.
Proof of Stake blockchains give people greater control of their data, more privacy, and increase financial inclusion. By eliminating intermediaries they also limit the power of centralized data monopolies, rent seeking institutions and anti-social algorithms.
Figment helps investors stake their tokens; earn yield and participate in securing the blockchain. Figment’s Hubble and Prime applications as well as its governance expertise allow token holders to analyze, monitor and make informed decisions.
Figment build the Web 3 developer communities via its Learn education program and then make it simple for these developers to launch applications and manage smart contracts via its DataHub platform. And finally by building and operating The Graph based indexers The platform enable the efficient search and querying of blockchain data.
Figment’s Series C Funding Round
The latest funding round was led by Thoma Bravo. Thoma Bravo is one of the largest private equity firms in the world, with more than $91 billion in assets under management as of September 30, 2021.
Tre Sayle, a Partner at Thoma Bravo, commented:
“We are thrilled to be partnering with the talented Figment team at an exciting point in their growth journey. Figment’s dedication to creating a simplified process for building on the next generation of blockchain technology as well as their entrepreneurial culture sets the company apart and we’re excited to work with them as they usher in the Web 3 future.”
The fundraise also got participation from ounterpoint Global (Morgan Stanley), ParaFi Capital, Binance Labs, Mirae Asset, Avon Ventures (a venture capital fund affiliated with FMR LLC, the parent company of Fidelity Investments), 2TM (MercadoBitcoin.com parent company), Bitstamp, Binance.US, CMS Holdings, Two Sigma, B Capital Group, Franklin Templeton, Standard Investments, Senator, Liberty City Ventures, Bonfire, DTCP, Wicklow, StarkWare, Anchorage Digital, BlockFi, IRONGREY, Voyager, Raptor, Willoughby Capital, AppWorks, Declaration Partners, Warburg Serres, Hof Capital, L1 Digital, Notion, Quiet Capital, Chaos Ventures, Atreides Management, Hazoor, Cobalt, True Equity, and executives at GoldenTree Asset Management.
The company will use the new capital raised to expand its ability to support the adoption, growth and long-term success of the Web 3 ecosystem – as well as significantly grow its headcount.
Lorien Gabel, co-founder and CEO of Figment, said:
“Figment has had an exceptional year marked by continued success and explosive growth as PoS has become mainstream amid the growing movement to make finance more accessible and inclusive.”
“The caliber of investors in our series C round cements Figment’s position as one of the most trusted and well-established platforms in the Web 3 ecosystem. We’re seeing tons of experienced engineers jump from traditional software into this space. Many of these people have joined our team and we have created an amazing Web 3 native organizational culture around them.”
Figment’s Business Highlights In 2021
- Invested in recruiting and talent development efforts to significantly grow headcount to 118 global employees with zero employee turnover.
- Reached over $7.5B in digital assets staked to its infrastructure across the 50+ supported networks, now supporting over 130+ institutional clients, up from 31 the previous year.
- Launched Figment Capital, the investment arm of Figment that is 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 invest in innovative projects.
- Joined the Pyth data oracle network as a core contributor and partner, working closely with Pyth network participants to bring even greater functionality and usability to the Pyth network.
- Joined The Graph ecosystem as one of the three core protocol development teams, marking the next evolution of Web 3, which we believe will profoundly change the world.