Andreessen Horowitz Leads $50M Funding Round for Matter Labs

Matter Labs, the firm behind Ethereum layer 2 scaling protocol zkSync, has raised $50 million in a Series B funding round led by Andreessen Horowitz (a16z), the company said Monday.

• The funding will be used to finance Matter Labs’ business growth, including expanding its scientific and engineering teams.

• Other investors in the round included Placeholder, Dragonfly and 1kx, who also participated in the $6 million Series A funding round that closed in February.

• Blockchain.com, Crypto.com, Consensys, Bybit, OKEx, Alchemy, Covalent, Aave, ParaSwap, Lido, Futureswap, Gnosis, Rarible and others also contributed to the round.

• Matter Labs builds zero-knowledge (ZK) proof technology on Ethereum and launched its first public ZK rollup prototype in 2019.

• ZkSync version one is a ZK rollup for payments that is designed to speed up transactions and has been live on the Ethereum mainnet since July 2020.