ConsenSys, the Ethereum software company behind crypto wallet MetaMask, is poised to more than double its valuation with what will be a third fundraise in less than 12 months.
The firm has held talks with potential backers about investing at a valuation of roughly $6.5 billion, according to three people close to the discussions. While the size of the latest fundraise is unclear, several sources believe the company’s post-money valuation will be close to $7 billion.
ConsenSys declined to comment when reached.
The company last raised funds in November 2021, when it announced a $200 million round at a valuation of $3.2 billion. New investors in that round included British hedge fund Marshall Wace, Daniel Loeb’s Third Point Ventures and HSBC.
In April 2021, ConsenSys raised $65 million from backers including UBS, Mastercard and JPMorgan.
Ethereum in full gear
ConsenSys has developed half a dozen core products, all aimed at widening access to the Ethereum ecosystem. Crypto wallet MetaMask and Infura, the developer platform, are its flagship tools.
When announcing its $200 million raise in November, the company said in a blog post that Infura had increased its users from 100,000 to 350,000 in the previous year. At that time, MetaMask’s monthly user base numbered 21 million — up 38 times from 2020. The wallet also operates a service targeting institutional investors, giving them the means to interact with DeFi apps.
At the time of its last raise, ConsenSys said the $200 million would be used to rapidly expand both MetaMask and Infura, while also fuelling 400 new hires across the group.
“The paradigm shift to a world running on decentralized protocols is in full gear,” said ConsenSys’s founder and CEO Joseph Lubin in a statement.
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