Offchain Labs adds Ravi Mhatre to its Board along with raising $120m Series B funding led by Lightspeed Venture Partners

– USA, NY –  Offchain Labs, the leading provider of scaling solutions for Ethereum, today announced that the company has raised $120M in funding, with its latest Series B funding round led by Lightspeed Venture Partners. Other newly announced investors in the round include Polychain Capital, Ribbit Capital, Redpoint Ventures, Pantera Capital, Alameda Research, Mark Cuban and others.

Concurrent with the financing, Ravi Mhatre from Lightspeed has joined the board of directors.

“We’ve had the pleasure of working closely with Steven, Ed and Harry,” said Amy Wu, Partner at Lightspeed. “Their dedication to the Ethereum developer community is second to none and they have the best, easiest-to-use scalability product. That’s why over 400 projects have chosen to launch with Arbitrum, including Reddit.”

Offchain Labs will use the new funding to scale the team, further develop the Arbitrum One ecosystem, build out new scaling solutions in its pipeline and invest in R&D.

“We are excited to partner with our investors who understand the importance of scaling Ethereum and bringing the Ethereum ecosystem to the masses,” said Steven Goldfeder, co-founder and CEO, Offchain Labs. “The tremendous support we’ve seen from developers across the globe validates our mission to be the first to marry the world of FinTech and Defi.”

About Offchain Labs

Offchain Labs is a venture-backed and Princeton-founded company that is developing Arbitrum, an “Optimistic Rollup” scaling solution for Ethereum. Arbitrum instantly scales apps, reducing costs and increasing capacity, without sacrificing Ethereum’s security. Porting contracts to Arbitrum requires no code changes or downloads as Arbitrum is fully compatible with most existing Ethereum developer tooling. Arbitrum has launched Arbitrum One on Ethereum mainnet and the team is already working with hundreds of projects that are building on Arbitrum One.

Offchain Labs was co-founded by Ed Felten, former deputy U.S. CTO in the Obama White House and longtime Professor at Princeton University. Ed started working on Arbitrum while at Princeton University where he met his co-founders, Steven Goldfeder and Harry Kalodner. The three detailed the Arbitrum technology in a research paper while at Princeton that was published in 2018 once Ed returned from the White House. Offchain was officially born while the three were at Princeton with a mission to scale Ethereum and bring it to the masses.

Steven holds a Ph.D. from Princeton University and Ed and Steven are two of the authors of the leading textbook on cryptocurrencies, Bitcoin and Cryptocurrency Technologies.

For more information: https://offchainlabs.com/

- DisclaimerNews, data, and statements included in this release are intended exclusively for general information purposes. Talent4Boards does not guarantee that news is accurate or about the correct person and accepts neither liability for the consequences of the reader’s reliance, nor responsibility for the accuracy of the information. Nothing in this release should be considered for decisions about referred securities. Products and brand names may be trademarks or registered trademarks of their respective owners.