Boba Network Closes $45M Series A Round
Boba Network, the Ethereum Layer-2 scaling solution and hybrid compute platform, has secured $45M USD in Series A funding, valuing the project at $1.5b USD. Boba Network delivers a faster, cheaper, and smarter experience for the next billion users of Ethereum, headlined by their hybrid compute platform combining the power of Web2 and Web3. The raise will allow Boba to attack the next phase of its strategic growth plan, with a heavy focus on development, scaling the Boba team, and building the ecosystem through developer programs such as the Boba Accelerator, grants, and investments.
The round saw close to 400 participants, including crypto exchanges such as Crypto.com, Huobi, and BitMart, as well as successful crypto funds such as Hypersphere, Infinite Capital, Hack VC, GBV, Alliance DAO, The Venture City, Sanctor Capital, Shima Capital, DeFi Tech, 10X Capital, TRGC, D1, Portal, Genblock, Rarestone, and Kosmos. Investors with strong regional networks like Kinetic Capital, Ghaf Capital, LD Capital, Old Fashion Research (led by ex-Binance CFO), Krypital, Alphanonce, IOST, ROK Capital, and RedlineDAO also participated.
Other notable investors include the Dreamers VC (Will Smith and Keisuke Honda), M13 (Paris Hilton and Carter Reum), Tony Robbins, Joe Montana, and KSHMR.
Additional participants include founders of industry stalwarts Quantstamp, Origin Protocol, The Graph, Fractional Art, Highstreet, Hanbitco, ANKR, UMA, Nillion, deBridge, FEI Labs, DoinGud, Utopia Labs, and Sense Protocol.
With this round, Boba brings together some of the industry’s best and brightest minds, with the shared vision of making crypto more accessible to more people, overcoming Ethereum’s computational limitations, and empowering blockchain developers with the tools to build products never before possible.
“This fundraise is about building a broad-based alliance to build the Boba ecosystem. Having so many amazing investors demonstrate their confidence in our vision and technology reinforces our belief that what we’re building is important and necessary. Hybrid Compute will scale Web3 development, enabling builders to deliver innovative products with greater functionality.”— Boba Network Founder and CEO Alan Chiu
Boba’s Hybrid Compute brings the power of Web2 on-chain for the first time, allowing smart contracts to call any external Web2 API to execute complex algorithms such as machine learning classifiers, pull in real-world or enterprise data in a single atomic transaction, or sync with the latest state of a gaming engine. Leveraging off-chain compute and real-world data, developers and creators can offer an enriched experience unlike anything else on the market today.
“Layer 2 innovations are among the most exciting products being developed in the crypto space today, none more so than Boba Network. Boba is developing industry-leading solutions such as Hybrid Compute to scale Web3, so we’re thrilled to be on board.”—Bobby Bao, Managing Director of Crypto.com Capital
ABOUT Boba Network
Boba Network is an Ethereum Layer-2 scaling solution and hybrid compute platform offering lightning fast transactions and fees up to 60x less than Ethereum.
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