ConsenSys Raises $450M Series D Funding, Now Valued at $7B

ConsenSys’ latest fundraise values the Ethereum builder at $7 billion.
Image source: ConsenSys

Quick take:

  • The Series D raise more than doubles Consensys’ previous valuation since its Series C raise in November.
  • Metamask, owned by ConsenSys, exceeded 30M monthly active users.
  • ConsenSys was approved by Premier League for official NFT partnership.

Blockchain software technology company and Ethereum builder ConsenSys has today announced the close of a $450 million Series D funding round, bringing its valuation to $7 billion.

The raise was led by ParaFi Capital, which participated in ConsenSys’ Series C funding round in November 2021 when the company raised $200 million. The latest raise more than doubles ConsenSys’ previous valuation.

ParaFi Capital was joined by new investors, including Temasek, SoftBank Vision Fund 2, Microsoft, Anthos Capital, Sound Ventures, and C Ventures. Previous investors – Third Point, Marshall Wace, TRUE Capital Management, and UTA VC, United Talent Agency’s venture fund – also participated in this round.

The company’s latest valuation comes as self-custodial cryptocurrency wallet, MetaMask, owned by ConsenSys, hits more than 30 million Monthly Active Users (MAUs). Metamask grew by 42% in just four months.

The funding will also support the expansion of MetaMask with a major redesign scheduled for release later in 2022, as well as the roll-out of a plug-in extensibility system that will allow integration with a wide variety of blockchain protocols and account security schemes, among other things.

Part of the proceeds will be converted to ETH to rebalance the ratio of ETH to USD-equivalents in line with ConsenSys’ treasury strategy to build the company’s financial position ahead of Ethereum’s upcoming merge to Proof of Stake.

The company will also use the funding to drive the global adoption of Infura’s development tool suite as well as ConsenSys’s efforts to drive NFT adoption for artists, content creators, brands, intellectual property owners, game publishers, and sports leagues.

Infura is a blockchain development suite created by ConsenSys, and counts 430,000 developers and in excess of $1 trillion in annualized on-chain ETH transaction volume supported through its Ethereum API.

With over 700 full-time employees presently, ConsenSys will accelerate its hiring this year with plans to increase its headcount to over 1000 employees by the end of 2022.

“I think of ConsenSys as a broad and deep capabilities machine for the decentralized protocols ecosystem, able to rapidly capitalize at scale on fundamental new constructs that emerge, such as developer tooling, tokenization, token launches, wallets, security audits, DeFi (1.0, 2.0 and beyond), NFTs, bridges, Layer-2 scaling, DAOs, and more,” said Joseph Lubin, Founder and CEO of ConsenSys. “This round takes in digital assets as well as fiat and converts immediately to ETH. Next round will be our ‘Series ETH’ where we will assist investors in getting fully crypto native to contribute ETH as a symbol of and commitment to the ongoing paradigm shift.”

Apart from the latest fundraise, ConsenSys was approved by the Premier League on Monday for an official NFT partnership, according to The Athletic. The company will be developing still image NFTs while another firm will develop video NFTs.

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