Funding round
Polygon Growth
Reported as "Growth Equity"
Polygon, which works in blockchain infrastructure development in Cayman Islands, raised $450M in a Growth round announced on 7 Feb 2022, led by Sequoia Capital India, at a $20.00B post-money valuation. 27 firms took part, with 1 individual investor.
$450M
Amount raised
$20.00B
Post-money valuation
$19.55B pre-money
27
Investors
1 lead
2.3%
Stake sold
new money over the post-money
Valuation
What this round says about the price
This round priced Polygon at $20.00B after the new money. The $450M bought investors about 2.3% of the company. It is Polygon's first venture round on record, 5 years after it was founded in 2017. No later venture round is on record for Polygon.
Polygon's funding rounds
This is the only venture round on record for Polygon.
- Growth this round 7 Feb 2022, led by Sequoia Capital India $450M$20.00B post-money
Investors
Who put money in
Sequoia Capital India led the round with 26 other firms.
Lead investor
- Sequoia Capital India new investor
Also in the round
- SoftBank Vision Fund backs 234 venture-backed companies new investor
- Tiger Global backs 391 venture-backed companies new investor
- Galaxy backs 113 venture-backed companies new investor
- Republic Capital new investor
- Alameda Research new investor
- Seven Seven Six backs 90 venture-backed companies new investor
- backs 50 venture-backed companies new investor
- Animoca Brands new investor
- Spartan Fund new investor
- backs 74 venture-backed companies new investor
- backs 34 venture-backed companies new investor
- Sino Global Capital new investor
- backs 29 venture-backed companies new investor
- Unacademy new investor
- backs 79 venture-backed companies new investor
- backs 16 venture-backed companies new investor
- Scopely new investor
- backs 9 venture-backed companies new investor
- Union Square Ventures backs 171 venture-backed companies new investor
- backs 86 venture-backed companies new investor
- backs 9 venture-backed companies new investor
- Celsius new investor
- Blue Pool Capital new investor
- backs 8 venture-backed companies new investor
- backs 7 venture-backed companies new investor
- Accel backs 581 venture-backed companies new investor
Individual investors: Kevin O'Leary.
Use of proceeds
What the money is for
According to the announcement, the money goes to hiring, product development, scaling operations and working capital.
- Hiring
- Product development
- Scaling operations
- Working capital
Comparable rounds
How it compares
12 Growth rounds in Cryptocurrency within a year either side disclosed an amount; the median was $75M, and this round was 6.0 times the median. The closest in time, other companies' Growth rounds in Cryptocurrency:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Cryptocurrency | 3 Feb 2022 | $150M | not disclosed | not named |
| NYDIG Cryptocurrency | 14 Dec 2021 | $1.00B | $7.00B | WestCap |
| Cryptocurrency | 1 Apr 2022 | $41M | not disclosed | Liberty City Ventures and Morgan Creek Digital |
| Cryptocurrency | 5 May 2022 | $50M | $600M | Haun Ventures |
| Euler Finance Cryptocurrency | 7 Jun 2022 | $32M | $375M | Haun Ventures |
| Cryptocurrency | 21 Sep 2021 | $431M | not disclosed | Paradigm |
| Cryptocurrency | 15 Aug 2022 | $350M | $1.00B | Andreessen Horowitz |
| Cryptocurrency | 10 Aug 2022 | $40M | not disclosed | Jump Crypto |
Sources
Where this comes from
Reported by 6 sources.
Questions
Frequently asked
How much did Polygon raise in its Growth round?
Polygon raised $450M in its Growth round, announced in Feb 2022.
Who led Polygon's Growth round?
Sequoia Capital India led it, with SoftBank Vision Fund, Tiger Global, Galaxy, Republic Capital and Alameda Research and 21 more.
What was Polygon's valuation at the Growth round?
$20.00B post-money ($19.55B pre-money).
How does it compare with other Growth rounds in Cryptocurrency?
12 Growth rounds in Cryptocurrency within a year either side disclosed an amount; the median was $75M, and this round was 6.0 times the median.