Monad Labs eyes $200 million raise, led by Paradigm: Fortune

Monad Labs is eyeing a more than $200 million fundraising round, led by venture capital firm Paradigm, as investor attitudes warm toward the digital assets industry, Fortune reported on Monday, citing sources familiar with the matter. 

The publication reported that Paradigm has indicated it will pledge $150 million to the Layer 1 project's next funding round, which values the company at $3 billion. The VC firm has engaged in talks with several potential investors since late 2023, gauging their interest in topping off that contribution, sources told Fortune. 

The Paradigm-led funding round is on track to exceed those conducted by blockchain companies during the past few months, signaling investors' appetites for crypto-related investments are growing. The targeted raise is nearly twice as large as Blockchain.com's $110 million raise last fall, which was the biggest injection of funds into a crypto exchange during the fourth quarter of 2023, according to Crunchbase.