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Boba Network gets USD 45 million in ‘Series A’ funding at the value of USD 1.5 billion

Boba Network has secured $45 million in ‘Series A’ financing at a valuation of $1.5 billion. It is an Ethereum Layer 2 scaling solution. Crypto.com, BitMart, Huobi, Kinetic Capital, Hack VC, Infinite Capital, Will Smith-led Dreamers VC, and M13 Ventures (established by Paris Hilton’s husband, Carter Reum) were among the investors. However, the ‘Series A’ funding round did not have a lead investor.

Series A funding utilization towards expansion in Boba Network

Boba intends to expand its workforce and add more developers to its platform with the fresh ‘Series A’ funding. According to information, Boba now employs over 30 people, and it intends to increase the staff by the end of the year. In order to expand the developer ecosystem, the organization plans to give grants, start an accelerator programme, and increase marketing spending.

Boba Network

According to the project’s founder Alan Chiu from Boba Network, “Boba was created to solve Ethereum’s computational constraints. Everyone else has been focused on making Ethereum quicker and cheaper, which is vital, but there is another component of scalability that has been overlooked – computational complexity”

Enya, a key donor to the OMG Foundation, established Boba Network in September. The network is based on Optimism, but its computational layer is distinct. It features a patented hybrid Compute technology that tackles Ethereum’s computing limits.

Boba’s initial investment round was accomplished through a token sale where investors paid the price which was roughly $1.5 more than its current market price. BOBA’s current fully diluted value is at $740 million.

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