Morph announces $20MM fundraise in seed and angel investment

The $19MM seed round led by DragonFly Capital to further build Permissionless EVM L2 bringing real-world value to global users
PRNewswireMarch 22, 20245 min

Morph, a fully permissionless Ethereum Virtual Machine (EVM) Layer 2 for value-driven dApps, announced the close of a $19MM seed round led by DragonFly Capital with additional participation from Pantera Capital, Foresight Ventures, The Spartan Group, MEXC Ventures, Symbolic Capital, Public Works, MH Ventures, Everyrealm, with an additional $1MM raised in an angel round.

The company intends to utilize this investment towards talent acquisition, enhancing developer incentives, expanding marketing efforts to further bolster its visibility within the Layer 2 ecosystem and refining its technical infrastructure.

Cecilia Hsueh, Co-Founder & CEO at Morph,¬†said, “Today is yet another milestone in the journey of Morph, as we continue to grow its ecosystem with like-minded partners and investors who are looking to advance the blockchain industry into the mainstream. Morph is set to revolutionize how blockchain technology is utilized by organizations within the entertainment, finance, social and gaming industries.”

Morph represents the next evolution in L2 solutions and is designed to offer the most founder-friendly pipeline for projects in the space. The innovative technology is built within three key pillars ‚Äst¬†decentralized¬†sequencer, optimistic¬†zkEVM integration, and modular design. A cornerstone of Morph’s innovation is within its optimistic zkEVM.

Azeem Khan, Co-Founder and COO at Morph¬†said, “The existing L2 market is focused solely on short-term gains to be able to win the next¬†casino¬†round, rather than building for sustainable success. At Morph, we proudly help developers to create¬†dApps¬†that can truly make a long-term difference and win over a mainstream user base. Being one of the first to launch with a¬†decentralized¬†sequencer on¬†Ethereum¬†is also an example of our commitment to decentralization from the beginning.”

Those building on Morph will have access to advanced tooling that provides them with the resources needed to effectively go from the earliest stages of building all the way through potential token listings.  Additional resources in the form of a venture studio to be announced soon.  More on what sets Morph apart can be found within its public testnet launch announcement (Medium).

Investor Quotes

“As the first Layer 2 on¬†Ethereum¬†to launch with a¬†decentralized¬†sequencer, Morph brings endless user-friendly opportunities to developers. We’re excited to join the Morph team as they continue to scale,” said¬†Haseeb Qureshi, Managing Partner at Dragonfly Capital.

“We are excited to announce our investment in Morph, an up-and-coming L2 on¬†Ethereum. Morph’s sophisticated new-generation technology combines the efficiency of optimistic roll-ups with the security of zero-knowledge roll-ups to enhance scalability,” said Paul Veradittakit, Managing Partner at Pantera Capital. “We believe Morph’s technology is exactly what developers in the consumer vertical need for mainstream adoption, and their strategic partnership with ¬†¬†¬†¬†¬†bitget is a key distribution channel that is already under development. We look forward to supporting the team on their journey!”

Stay Ahead of the Financial Curve with Our Latest Fintech News Updates!

PRNewswire

newOriginal-white-FinTech1-1

We are one of the world’s leading Fintech-based media publication with our content strategized and synthesized to fit right into the expanding ecosystem of Finance professionals. Be it fintech live news, finance press releases, tech articles from Fintech evangelists or interviews from top leaders from global fintech firms, we give the best slice of knowledge topped up with the aptest trends. Our sole mission is to help tech and finance professionals step up with the rapidly emerging Fintech civilization and gain better insights to emerge victorious in every possible way. We adopt a 360-degree approach in order to cater to present a holistic picture of the fintech arena.

Our Publications



FintecBuzz, 2024 © All Rights Reserved