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. 


Keep up with the latest news, trends, charts and views on crypto and DeFi with a new biweekly newsletter from The Block's Frank Chaparro

By signing-up you agree to our Terms of Service and Privacy Policy
By signing-up you agree to our Terms of Service and Privacy Policy

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.

© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

About Author

MK Manoylov has been a reporter for The Block since 2020 — joining just before bitcoin surpassed $20,000 for the first time. Since then, MK has written nearly 1,000 articles for the publication, covering any and all crypto news but with a penchant toward NFT, metaverse, web3 gaming, funding, crime, hack and crypto ecosystem stories. MK holds a graduate degree from New York University's Science, Health and Environmental Reporting Program (SHERP) and has also covered health topics for WebMD and Insider. You can follow MK on X @MManoylov and on LinkedIn.


To contact the editor of this story:
Nathan Crooks at
[email protected]