Polymer Labs has recently announced a successful fundraising of $23 million in its Series A round to support the development of its Layer-2 solutions. This funding round was led by Blockchain Capital, Maven 11, and Distributed Global, with contributions from renowned investment funds such as Coinbase Ventures, Placeholder, and Digital Currency Group.
There is currently no precise information available about when the Series A round for Polymer started. Peter Kim, co-founder of the company, has declined to comment on both the funding structure and the company’s valuation.
This latest funding round has increased Polymer’s total investment to $69 million. Previously, Polymer had successfully raised $3.6 million in a Seed round two years ago. According to Kim, the project plans to launch a testnet for its Layer-2 in March 2024.
With the new financial resources, Polymer Labs intends to expand its team, currently comprising about 30 members, and aims to launch its mainnet this year. The Polymer team has experience working at major corporations such as Google, Citadel, McKinsey, Amazon, Verizon, EY, and Uber.
As described by the project, Polymer Labs positions itself as an interaction hub for Ethereum, linking Layer-2s through the Cosmos’ Inter-Blockchain Communication (IBC) protocol. By integrating the superior features of the OP Stack toolkit, EigenLayer’s Data Availability service, and the interoperability of the Cosmos SDK, Polymer aims to provide the most secure and scalable interaction solution for web3 users.