Uniswap Labs is in talks to raise $100M in the funding round at a $1 billion valuation: Report
The startup is engaging with a number of investors including Polychain and one of Singapore’s sovereign funds.
Uniswap Labs, the developer of the Uniswap, decentralised exchange (DEX) is in talks with investors to raise $100 million capital in the next funding round at a valuation of $1 billion. As reported by TechCrunch, the startup is engaging with a number of investors including Polychain and one of Singapore’s sovereign funds.
In 2019, had raised $1.8 million seed round and later in 2020, the startup raised another $11 million in a Series A funding round led by Andreessen Horowitz (a16z).
In the earlier funding rounds, Uniswap was backed by eminent tech funds Union Square Ventures alongside crypto native funds like Paradigm and ParaFi capital.
Recent developments
Earlier this year in April, Uniswap Labs launched its venture capital unit focusing on Web3 startups developing consumer-facing apps, developer tools, and blockchain infrastructure.
As a result, Uniswap has joined a growing number of crypto-native businesses that are now formally committing funds to invest in other startups in the sector, such as DeFi protocol Cake and cryptocurrency exchange FTX.
Besides the launch of its venture capital unit, the company has also invested in 11 firms including Tenderly, LayerZero, MakerDAO, Aave, Compound Protocol, and PartyDAO.
Edited by Akanksha Sarma