Former Meta Executives Raise $300M in Series B for Mysten Labs to Power Web3 Apps

Web3 infrastructure company Mysten Labs has raised $300 million to accelerate the adoption of the Sui Layer-1 blockchain.
Image source: Mysten Labs

Quick take:

  • Mysten Labs is the developer of the Sui Layer-1 blockchain.
  • The new funding values the company at over $2 billion.
  • Funds will be used to continue building out the company’s core infrastructure and accelerate the adoption of the Sui ecosystem.

Mysten Labs, a web3 infrastructure company and developer of the Sui Layer 1 blockchain, today announced the initial close of its $300 million Series B funding round. The fresh funding values the company at over $2 billion.

The Series B round was led by FTX Ventures, and included participation from new and existing investors, including a16z crypto, Jump Crypto, Apollo, Binance Labs, Franklin Templeton, Coinbase Ventures, Circle Ventures, Lightspeed Venture Partners, Sino Global, Dentsu Ventures, Greenoaks Capital, and O’Leary Ventures, among other investment funds and strategic partners.

The company will use the funds to continue building out its core infrastructure to power Web3 applications and scale the Sui ecosystem. It will also be expanding its global team, with an important emphasis on the Asia-Pacific region.

Mysten Labs was launched in 2021 by former executives of Meta’s Novi Research and lead architects of the Diem blockchain and Move programming language. The company’s first product, Sui, is a decentralized, proof of stake blockchain designed to enable creators and developers from gaming to social media to finance to build experiences that can accelerate the mass adoption of Web3.

“Current web3 infrastructure is in the dial-up era – it’s slow, expensive, capacity constrained, insecure, and simply hard to build for. With Sui, we are endeavoring to build a blockchain that scales with demand and incentivizes growth, eliminating middlemen, and enabling users across applications to seamlessly integrate and interact with their favorite products,” said Evan Cheng, co-founder and CEO of Mysten Labs.

Prior to founding Mysten Labs, Cheng was the director of R&D at Novi Financial and director of engineering at Facebook. Before that, he spent a decade in various senior manager and engineer roles at Apple.

“We are excited to invest in and strategically support the talented Mysten Labs team, whose founders had authored the Move language while leading blockchain R&D for Facebook and now launching the Sui blockchain,” said Amy Wu, Partner of FTX Ventures. “We believe Sui’s technical innovations such as parallelizable agreements and its object-centric architecture make it a next-gen platform for web3 builders.”

Sam Blackshear, co-founder and CTO of Mysten Labs said that Sui marries the safe asset-centric features of Move with a new object-centric data model which enables new eases blockchain scaling challenges and unlocks a more direct, accessible programming style for the next generation of smart contract developers.

“Building the future of web3 starts with having incredible people building its core infrastructure. We believe that Sui’s novel architecture will meaningfully improve scalability and lower transaction costs, unleashing new web3 applications and experiences for a broader audience,” said Arianna Simpson, General Partner at a16z crypto.

Mysten Labs also participated in the $12.8 million funding round of Gameplay Galaxy, which was announced on Sep 7. 

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