WazirX founder's Shardeum completes $5.4 million strategic funding round

Quick Take

  • Shardeum, a Layer 1 blockchain deploying efficient sharding technology, raised $5.4 million in strategic funding. 
  • The firm intends to use the funds to bolster its ecosystem and prepare for its mainnet launch later in 2023. 

Shardeum, a Layer 1 blockchain deploying dynamic state sharding, completed a strategic funding round for $5.4 million.

The firm intends to use the funds to bolster its ecosystem as it prepares to launch its mainnet by the end of 2023. Participants in the round include Amber Group, Galxe, J17 Capital, TRGC, Jsquare, Bware Labs, Tané Labs, Hyperithm Group and Luganodes.

A Shardeum representative told The Block that the firm's most up-to-date valuation is $248 million.

"This raise allows us to continue to prioritize decentralization through growing our community of participants worldwide through education and other key initiatives," Shardeum Chief Growth Officer Kelsey McGuire said in a statement.

Past funding rounds

In March, Shardeum announced the opening of the $5 million strategic funding round, after having raised $18.2 million in seed funding from Spartan Group, Big Brain Holdings, Jane Street, Foresight Ventures and others.

Shardeum was co-founded by Nischal Shetty, who also founded the large Indian crypto exchange WazirX. 

(Corrects headline, story to show that funding round was recently completed.)

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