MetaMask maker ConsenSys valued at $7bn after Series D funding round

16 Mar 2022

Image: © Iryna Budanova/

ConsenSys plans to use the funding to support a hiring surge this year, while developing its Infura and MetaMask assets.

Blockchain company ConsenSys, which develops the crypto wallet MetaMask, has closed a Series D funding round of $450m, bringing its valuation to more than $7bn.

The investment round was led by ParaFi Capital, which participated in ConsenSys’s Series C funding round last November where it raised $200m. ParaFi was joined by new investors including Microsoft, Temasek, SoftBank Vision Fund 2, Anthos Capital, Sound Ventures and C Ventures.

Previous investors that participated in this round were Third Point, Marshall Wace, True Capital Management and United Talent Agency venture fund UTA Ventures.

ConsenSys has more than doubled its valuation since last November, when it was valued at $3.2bn. Since then, its Ethereum wallet has risen in popularity, with MetaMask exceeding 30m monthly active users accessing Web3 applications in January, a 42pc increase in four months.

In 2019, ConsenSys acquired Infura, a platform to help developers take their blockchain applications from testing to scaled development. The company said Infura is now the leading Ethereum development platform, being used by around 430,000 developers.

Following the new funding round, ConsenSys plans to accelerate the development of Infura while continuing its efforts to “drive NFT adoption” for groups such as artists, game developers and sports leagues. The funding will also support the rapid expansion of MetaMask with a major redesign scheduled for release later in 2022.

The blockchain company is planning a hiring “surge” for this year. It aims to grow from 700 employees globally to more than 1,000 by the end of 2022.

Following the $200m funding round last November, the company said it planned to create 400 jobs across its global locations, including several positions at its Dublin base.

ConsenSys CEO and founder Joseph Lubin described his company as a “broad and deep capabilities machine” for a decentralised protocols ecosystem. He added that the company is able to “rapidly capitalise at scale” on new constructs emerging in this area, such as developer tooling, NFTs, wallets and security audits.

“This view has resonated with our crypto-native and growth investors in a Series D that will enable us to execute powerful growth strategies,” Lubin said. “This round takes in digital assets as well as fiat and converts immediately to ETH [Ethereum].

“Next round will be our ‘Series ETH’ where we will assist investors in getting fully crypto-native to contribute ETH as a symbol of and commitment to the ongoing paradigm shift,” Lubin added.

Earlier this month, allegations were made that the blockchain company’s founder illegally transferred assets into a new company “to the detriment of the minority shareholders”. A group of 35 former employees who claimed to represent more than 50pc of all known ConsenSys AG shareholders filed an audit request.

ConsenSys denied the allegations and said they were falsely made by a single former employee.

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Leigh Mc Gowran is a journalist with Silicon Republic