Avalanche developer raises $350 million at $5.25 billion valuation

Ava Labs, the main creator of the Avalanche blockchain, is said to receive $ 350 million in new capital billions at a valuation of $ 5.25.

The new funding round was announced on Thursday, according to sources involved in the conversation - although only one source provided a valuation.

Ava Labs is launching the Avalanche blockchain as an "ethereum killer" in September 2020. According to DeFi Llama, it has amassed more than $13 billion in total value locked (TVL) to date, compared to more than $115 billion for Ether. After Ether, Terra and the BNB chain, Avalanche is now the fourth largest blockchain.

If the fundraising is successful, Ava Labs will become one of the most valuable crypto companies.

To date, Ava Labs and its affiliates have raised nearly $250 million from high-profile investors. Last September, Avalanche Foundation raised $230 million in a token sale managed by Polychain and Three Arrows Capital. Previously, it had raised $18 million in two rounds.

As Avalanche has grown in popularity, the price of its native token, AVAX, has risen. According to CoinGecko, the price has risen about 5% in the last 24 hours to nearly $81. The token is now valued at more than $58 billion on a fully diluted basis.