ConsenSys Is Seeking $200 Million in New Funding: Report

is seeking a funding boost.

co-founder Joe Lubin’s Brooklyn-based venture studio is looking to raise $200 million from external investors, The Information reported Monday, at a valuation of $1 billion.

The Information reports that is pitching Chinese investors with materials claiming the company aims to earn $50 million in revenue this year, primarily from contracts with enterprise and government clients. Last December, the Brazilian National Social Development Bank confirmed to CoinDesk it was in talks with ConsenSys.

ConsenSys was previously supported by Lubin’s personal fortune and employed up to 1,200 people in 2018. When the price of plummeted after the 2017 token boom fizzled, ConsenSys laid off 13 percent of its staff. Following a late-2018 re-organization dubbed “ConsenSys 2.0,” it became clear that partnerships with traditional, external investors were a priority.

Several former staffers told CoinDesk in January 2019 that more cuts were on the horizon.

The Information now reports that ConsenSys brought in “just $21 million in revenue in 2018.” It’s unclear how that income relates to the various startups under the ConsenSys umbrella. Several projects are seeking to raise capital on their own as independent startups, multiple sources tell CoinDesk.

You may also like:  IBM Completes Blockchain Trial Tracking a 28-Ton Shipment of Oranges

A ConsenSys spokesperson declined to comment.

ConsenSys founder Joe Lubin image via CoinDesk archives

Share this
Ads Blocker Detected!

We show Ads on Ajibotic.com to help fund its maintenance. Ad revenue is only Our Source Of Income. If you like our News Website  please support our efforts by allowing ads on our site.

Thank You!

Close