Offchain Labs: Raises $120M in Funding

Offchain Labs Raises $120M in Funding

• Offchain Labs, a NYC-based provider of scaling solutions for Ethereum, raised $120M in Series B funding
• The round was led by Lightspeed Venture Partners with participation from Polychain Capital, Ribbit Capital, Redpoint Ventures, Pantera Capital, Alameda Research, Mark Cuban and others
• Ravi Mhatre from Lightspeed has joined OffchainLabs board with this round
• The company will use the new funding to scale the team, further develop the Arbitrum One ecosystem, build out new scaling solutions in its pipeline and invest in R&D
• OffchainLabs also announced that its Arbitrum One mainnet has opened to the public
• Arbitrum is a Layer 2 solution for the Ethereum network that is developer-friendly and has a broad ecosystem of support