Ethereum-centric developer and service provider ConsenSys recently concluded a funding round in which it generated $200 million at a $3.2 billion valuation. The Ethereum infrastructure company pooled contributions from a combination of new and already existing investors. Companies that fall into the former category are Marshall Wace, Third Point, ParaFi Capital, and Think Investments. Meanwhile, notable among already existing investors are Animoca Brands, COINBASE Ventures, and HSBC.
The latest funding round follows the one organized by ConsenSys earlier in March, which featured JPMorgan, Mastercard and UBS.
ConsenSys’ announcement comes just as the firm looks to gain more footing following a series of incidents. The Joe Lubin-founded (and largely funded) company shed about half of its staff force back in 2018. According to a Forbes report at the time, much of the extraneous expenses that caused the EXODUS were because of Lubin’s propensity to spend big on several projects.
Additionally, there was little oversight and a lack of follow-up to derive the key deliverables from many of these expensive projects. Consequently, ConsenSys found itself with low revenue, especially when compared with its expenses. In fact, it was reported that most of the firm’s revenue was from consulting services, in addition to cash and equity stakes from clients.
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