Blockchain startup Boba Network joins the unicorn club after raising $45M in Series A funding led by Will Smith and Paris Hilton-backed VC firms

Last week, we reported that Boba Network after the Ethereum blockchain startup partnered with Cere Network to integrate with its platform to provide decentralized data solutions to users.

Today, Boba announced it has raised $45 million in its series A round to expand Web3 offerings and invest in projects built on its ecosystem. The funding round includes participation from Will Smith-led Dreamers VC, Paris Hilton and husband Carter Reum’s M13, and cryptocurrency exchange Crypto.com.

The latest round values Boba at a $1.5 billion valuation, making it a member of the unicorn club. Other backers in the round include former football quarterback Joe Montana and crypto funds Hypersphere and Infinite Capital also making investments.

After the funding announcement, the market capitalization of Boba Network’s crypto token rose by over 19% to $272.1 million, while its price rose to $1.71 from $1.44, according to data CoinMarketCap.

Founded in 2017 by Alan Chiu, Boba is a next-generation Ethereum Layer 2 Optimistic Rollup scaling solution that enables users to develop decentralized apps on the ethereum blockchain with more features and at lower fees, and also transfer non-fungible tokens (NFTs) across ethereum’s different layers.

Ethereum’s “gas” fees, or the price of executing transactions, have risen steeply in recent years as the blockchain became more popular, giving rise to platforms designed to reduce expenses and speed up transactions.

Unlike other Ethereum platforms, Boba reduces gas fees, improves transaction throughput, and extends the capabilities of Ethereum. Our Ethereum Virtual Machine (EVM) equivalent Layer 2 ORU helps Ethereum smart contracts scale while delivering a delightful user experience.

Since the start of 2022, investors and VC firms have poured billion into blockchain tech startups as they look for the next big winners. Bain Capital Ventures and Japanese giant’s venture fund SoftBank’s Vision Fund 2 are among those who have launched crypto-focused funds or invested in blockchain tech companies.