Bitlayer Labs, the company behind a Bitcoin Layer 2 network, has successfully secured $9 million in a Series A extension funding round, just three months after raising $11 million in its initial Series A. This latest round was led by Polychain Capital and co-led by Franklin Templeton, with additional support from SCB Limited, Selini Capital, G-20.Group, and other investors, as announced by Bitlayer Labs on Tuesday.
The funding round commenced in early August and concluded last week, according to Bitlayer co-founder Charlie Hu. Similar to the previous Series A, this extension round was structured as a simple agreement for future equity (SAFE) with token warrants, maintaining a valuation of $300 million that encompasses both equity and fully diluted token valuation.
With this latest injection of capital, Bitlayer’s total funding has now reached $25 million, following its $11 million Series A in July and a $5 million seed round in March. The new funds will aid in the development and upcoming launch of Version 2 of Bitlayer’s Bitcoin scaling network.