Crypto VC firm Multicoin Capital reveales it co-led $225m funding in Wormhole

Investment firm Multicoin Capital revealed in a recent blog post that it had co-led a $225 million funding round in Wormhole last year.

Crypto venture capital firm Multicoin Capital was one of the leading investors that backed Wormhole’s $225 million funding last year, the firm revealed in a blog post on Apr. 3. Although Multicoin Capital co-founder Kyle Samani didn’t disclose the firm’s stake in the cross-chain protocol, he noted that the deal “was a risky decision, but ultimately turned out to be a prescient decision.”

It remains unclear whether Multicoin Capital retains its position in Wormhole or has divested its stake in the project’s W tokens following their listing on crypto exchanges.

“We have had the pleasure of working with the Wormhole team for some time now.”

Kyle Samani

Multicoin Capital’s participation in the $225 million funding was previously known, though it wasn’t initially clear that the firm co-led the funding round with Jump Crypto. As crypto.news reported, the project achieved the fundraising milestone at a $2.5 billion valuation throughout 2022, concluding in January 2023.

Apart from Multicoin Capital and Jump Crypto, other investors also joined the funding, including Brevan Howard, Coinbase Ventures, ParaFi, Dialectic, Borderless Capital, and Arrington Capital among others. As of press time, Wormhole’s W token is trading at $1.16, losing over 16% over the past 24 hours, according to data from CoinMarketCap.