Series B Funding Could Give Web3 Startup Mysten Labs A $2B Valuation

Web3 Startup Mysten Labs is expecting to raise at least $200 million in a Series B funding round, which will effectively give the company a $2 billion valuation.

According to a report in the The Information. Sources say that so far, investors, led by Sam Bankman-Fried’s FTX Ventures, have reserved at least $140 million.

Mysten Labs is founded by industry veterans of Novi Research, the crypto research and development division of Meta (formerly Facebook) and launched its decentralized blockchain Sui in March of this year.

One of the co-founders, Chief Executive Officer Evan Cheng, was the former head of research and development for Meta’s crypto wallet initiative, which got phased out last week after its eight month trial.

In December 2021 Mysten’s Series A funding round led by Andreessen Horowitz, raised raised $36 million.