Polygon raises $450 million from Sequoia Capital India, Softbank Vision Fund and Tiger Global to scale Ethereum
Ethereum scaling and infrastructure development platform Polygon has raised about $450 million in funding as it builds a product lineup and paves the way for mass adoption of Web3 applications. The round led by Sequoia Capital India saw the participation of over 40 venture capital firms and investors including SoftBank Vision Fund 2, Galaxy Digital, Galaxy Interactive, Tiger Global, Republic Capital, Accel, and Unacademy.Also read: What is sharding and why Polygon co-founder says it may not scale Ethereum enough?Alameda Research, Transcend Fund, Makers Fund, Animoca Brands, global video game leader and games industry investor Scopely, Third Point, dune ventures, Union Square Ventures, Seven Seven Six, Elevation Capital, Sino Global Capital, DCG, Standard Crypto, Celsius, Dragonfly Capital, Variant Fund, Blue Pool Capital, WorkPlay Ventures (led by Zynga founder Mark Pincus) and many others also joined the round.This is Polygon’s first major financing round since the project was created. The funds will be raised through a private sale of Polygon’s native MATIC token.Founded in 2017 by Jaynti Kanani, Anurag Arjun, Sandeep Nailwal and Mihailo Bjelic as a secondary scaling solution for the Ethereum blockchain, Polygon is building a suite of scaling solutions, including Polygon PoS, Polygon Edge and Polygon Avail, that is similar to what Amazon Web Services offers Web2 developers -- a tool for every possible use case.
The team is also investing in zero-knowledge (ZK) technology that will be key to onboarding the next billion users to Ethereum, the company said.A community-first project Polygon owes its success to the ecosystem of early believers, developers, and stakeholders. With this investment, it hopes to further push
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