Interoperability startup Connext raises $7.5 million

Quick Take

Connext raised $7.5 million in funding at a valuation of $250 million.
The company intends to use the funding to create the Connext Foundation to finance long-term growth strategies.

Connext, a blockchain interoperability startup, raised $7.5 million in a strategic funding round at a valuation of $250 million.

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 participated in the round.

The latest influx of cash brings the firm's total funding to $23.5 million. Connext intends to use the capital to create the Connext Foundation, which will finance projects aimed at expanding the firm's scale, community-led initiatives and other strategies that bolster growth.

Connext founder Arjun Bhuptani told The Block that the first Connext Foundation project will set up public coordination processes such as Connext Improvement Proposals, with a future focus on giving grants to protocol development teams working on Connext Improvement Proposals and other infrastructure to expand the network.

After the launch of its second version in February, Connext has 20,000 users and has processed over 1.2 million transactions on its platform. Protocols built on top of Connext include Metamask, Planet IX, DODO and 32 others.

Disclaimer: Larry Cermak, CEO of The Block, is an angel investor in Connext.