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Reported by The Block, Avail, a modular blockchain project that spun out of Polygon last year, has raised $43 million in a Series A funding round ahead of its mainnet launch.
Peter Thiel's Founders Fund, Dragonfly and Cyber Fund co-led the round, Avail said Tuesday. Other investors included SevenX Ventures, Figment Capital, Nomad Capital, Chapter One, Foresight Ventures, Mirana Ventures, KR1, Alliance and Hashkey Capital. Many investors, including Founders Fund and Dragonfly, are repeat backers of Avail, increasing their investments in the project.
Avail's Series A funding round comes just three months after it raised $27 million in seed funding in February. At that time, Avail was raising another round of funding. The latest round brings Avail's total funding to $75 million, including a $5 million pre-seed round, co-founder Anurag Arjun told The Block in an interview.
Arjun said the Series A round was structured using a combination of SAFE (simple agreement for future equity) and SAFT (simple agreement for future tokens) and officially closed last week. He declined to comment on the valuation; Avail's fully diluted valuation was several hundred million dollars when it raised a seed round in February.
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