Matter Labs raises $200 million in a Series C round to launch first-party projects

The parent company of the Ethereum scaling protocol zkSync, Matter Labs, has secured a $200 million Series C round of funding.

According to a statement, the investment was led by Blockchain Capital and Dragonfly, with participation from LightSpeed Venture Partners, Variant, and Andreessen Horowitz, who had previously led the $50 million Series B round. Matter Labs withheld the price tag.

The money raised in its Series C round will be used to launch first-party projects created by Matter Labs, expand the team, and finance projects created by outside parties.

It will also be used to start Matter University, which will act as its onboarding and education platform for users and builders.

This raise comes amidst a time of uncertainty in the crypto markets, as the fallout of FTX and Alameda continues to wreck havoc on the crypto markets.

The raise brings Matter Labs’ total funding to $458 million. Matter Labs claims this latest funding round will give it enough runway to ensure capital is not a constraint as it focuses on developing its ecosystem and new early-stage product developments.