Movement Labs, the developer of the EVM-compatible Zk-powered blockchain MoveVM, is raising $100 million in a Series B funding round. CoinFund leads the round, with participation from Brevan Howard's digital asset division. The company is expected to reach a valuation of $3 billion through this fundraising effort.
The Series B follows the company's $38 million Series A round announced in April 2024, which was led by Polychain Capital. Other contributors to that round included Hack VC, Placeholder, and Aptos Labs, among others.
Movement Labs Targets $3 Billion Valuation
Focus on blockchain
Founded in 2022 by Rushi Manche and Cooper Scanlon, Movement Labs targets two persistent problems in blockchain: poor user experience and smart contract vulnerabilities. Co-founder Rushi Manche has pointed to these as the main barriers preventing wider blockchain adoption.
The company's MoveVM blockchain can handle over 30,000 transactions per second, positioning it for a variety of decentralized applications. The network's compatibility with the Ethereum Virtual Machine (EVM) and its use of Zk-rollup technology aim to improve scalability and security without sacrificing efficiency.
Movement Network Architecture
Where the money goes
Movement Labs has outlined three priorities for the Series B funds:
- Product Development: Ongoing improvements to the MoveVM blockchain to support increasing adoption.
- Geographic Expansion: Establishing a stronger presence in the Asia-Pacific region, where blockchain interest continues to grow.
- Team Growth: Expanding the team to meet development and operational demands.
Recent milestones
The fundraising follows Movement Labs' launch of its native token, $MOVE, in December 2024. Earlier in the year, the company partnered with the decentralized physical infrastructure network Up Network to release Up Mobile, a smartphone built for web3 applications and powered by artificial intelligence.
The Series B round also signals a recovery in investor interest in web3 technologies, which had slowed considerably in 2022. Movement Labs' focus on blockchain scalability and security has resonated with venture capital firms looking for practical solutions to longstanding technical problems.
Multi-asset Staking
What this means
Movement Labs' work on blockchain performance and security, combined with its expansion strategy, positions the company as a serious contender in the web3 space. The Series B fundraising and its $3 billion valuation target reflect growing investor confidence in blockchain solutions designed to tackle the industry's core challenges.
