StarkWare project raises $100M at $8B valuation

The StarkWare project, which specializes in second-level scaling solutions, closed a $100 million Series D funding round. Investors valued the company at $8 billion.
The round was led by venture capital firms Greenoaks Capital and Coatue. Funding was also provided by the company's new and existing investors, including Tiger Global. As part of the deal, StarkWare employees had the opportunity to sell their shares.

Founded in 2017, StarkWare delivers two products focused on scaling Ethereum, StarkEx and StarkNet. The first is based on the SaaS model and allows decentralized applications to satisfy “specific needs”. Platforms like dYdX and Sorare use it.

The second product is a permissionless solution on top of Ethereum based on Rollup. It allows developers to create and deploy their own smart contracts, as well as interact with other applications.

The company will use the funds received from investors to expand the product line, develop business and build an ecosystem around StarkEx and StarkNet. StarkWare also plans to increase the number of employees.