Polygon (previously Matic Network), an Ethereum scaling project, has raised $450 million in its first major venture capital round, led by Sequoia Capital India, with participation from Tiger Global, SoftBank, Galaxy Digital, Republic Capital, Makers Fund, Alameda Research, Alan Howard, Alexis Ohanian, Steadview Capital, Elevation Capital, Animoca Brands, Spartan Fund, Dragonfly Capital, Variant Fund, and Kevin O’Leary.
Polygon’s native MATIC cryptocurrency will be sold privately to raise the funding. At the time of publication, the Web3 startup had a market capitalization of $14.4 billion.
Polygon has attracted some of the most important Web3 initiatives, including DeFi protocols like Aave and luxury brands business Dolce & Gabbana, as well as NFT marketplaces like OpenSea and Mark Cuban’s Lazy.com.