Connext, a prominent blockchain interaction startup renowned for its Connext Bridge, has successfully raised $7.5 million in a strategic funding round, valuing the company at an estimated $250 million.
Participating in this funding round are notable funds such as Polychain Capital, Coinbase Ventures, NGC Ventures, Ethereal Ventures, Polygon Ventures, IOSG Ventures, Fenbushi Capital, KXVC, a_capital, No Limit Holdings, 1k(x), #Hashed, Factor, Scalar Capital, and Dokia Capital.
The capital raised in this funding round brings the total raised by the company to $23.5 million. Connext intends to utilize the funds to establish the Connext Foundation, which will provide support to projects aimed at expanding the company’s scale, community-led initiatives, and other strategies to drive growth.
Arjun Bhuptani, the founder of Connext, stated that the foundation’s initial project will establish publicly coordinated processes, such as Connext Improvement Proposals, with a future focus on grant funding for protocol development teams working on Connext Improvement Proposals and other infrastructure to expand the network.
Since its launch of the second version in February, Connext has amassed a user base of 20,000 and processed over 1.2 million transactions on its platform. Protocols built on Connext include Metamask, Planet IX, DODO, and 32 other protocols