Avalanche, the main developer of the cryptocurrency Avalanche, is raising a new funding round that is expected to be valued at more than $5 billion, making it one of the most highly valued cryptocurrency startups, according to people familiar with the matter. The company will raise $350 million at a valuation of $5.25 billion, one of the people said.
The person requested anonymity because the funding round is not public.
Ava Labs was founded in 2018 and raised $6 million in 2019, with investors including fund giants Andreessen Horowitz and Polychain. The company has 170 employees, according to PitchBook data.