Injective Valuation, Funding & Investors
Injective is valued at $1B as of April 2021.
Last Injective valuation
$1B
Undisclosed stage · Apr 2021
Last Injective funding round
$40M
ICO · Aug 2022
Cumulative funding Injective raised
$57M
across 5 funding rounds
Key investors in Injective
Pantera Capital
Hashed
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Mark CubanYZi Labs
CMS Holdings
Jump Crypto
About Injective
Injective Labs develops Injective, a layer-1 blockchain optimized for financial applications within the Cosmos ecosystem. Injective supports interoperability with Ethereum and Cosmos IBC, enabling developers to build decentralized exchanges, prediction markets, and lending protocols. The network processes over 25,000 transactions per second with sub-second finality and offers fee-free trading through its on-chain orderbook. Headquartered in Dubai, Injective Labs launched mainnet in 2021 and has secured partnerships with entities like Deutsche Telekom and Google Cloud for infrastructure. The platform hosts applications such as Helix DEX and DojoSwap, attracting more than $500 million in total value locked across DeFi protocols.
Founded
2018
HQ
New York City, NYWebsite
Status
Privately held
Customer focus
B2B & B2C
Revenue model
Usage-based
Valuation
$1B (Apr 2021)
Injective Valuation
Injective is currently valued at $1B, based on its undisclosed-stage round in April 2021.
The $10M round included Pantera Capital, QCP Capital, Hashed, Pnyx Ventures, Cadenza Ventures and 3 other investors.
Injective valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Apr 2021 | Undisclosed stage | $1B |
Injective Funding History
Injective has raised a total of $57M across 5 funding rounds.
Injective's first fundraising round was a $500K pre-seed round in October 2018. The most recent completed round was a $40M ico round in August 2022.
Injective funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Aug 2022 | ICO | Jump Crypto (lead); BH Digital | $40M | - | - |
| Apr 2021 | Undisclosed stage | Pantera Capital; QCP Capital; Hashed; Pnyx Ventures; Cadenza Ventures; Mark Cuban; BlockTower Capital; CMS Holdings | $10M | $1B | Injective Protocol is a decentralized derivatives exchange built on Tendermint as a Layer-2 scaling solution, enabling cross-chain trading of crypto, stocks, forex, NFTs, and synthetic assets with zero-fee trading, 24/7 access, and near-instant settlement. The platform launched in December 2020 and supports integration across Cosmos, Ethereum, and other layer-1 protocols via Cosmos SDK and Ethermint. On April 20, 2021, Injective raised $10 million in a Seed VC - II round (also described as a private placement token sale and OTC/strategic round) at a $1 billion post-money valuation from investors including BlockTower Capital, Cadenza Ventures, CMS Holdings, Hashed, Mark Cuban, Pantera Capital, Pnyx Ventures, and QCP Capital. New INJ tokens were issued from the protocol's treasury with a one-year lockup period, resulting in near-zero dilution given the small raise relative to valuation. Proceeds were allocated to enhance the platform, double the team from 22 members, and establish an internal proprietary trading desk for liquidity provision, including hiring a head trader from Tower Research. This round brought total funding to over $17 million. |
| Oct 2020 | ICO | YZi Labs (lead); Hashed; yield ventures | $4M | - | - |
| Jul 2020 | Seed | Pantera Capital (lead) | $3M | - | Injective Protocol raised $2.6 million in a seed round on July 29, 2020, led by Pantera Capital. The company, founded in 2018 and incubated by Binance Labs, develops a decentralized derivatives exchange protocol. Investors included Pantera Capital among others. This seed round followed the company's early development as a DEX protocol. Subsequent rounds included a $10 million strategic round in April 2021 with Pantera Capital, CMS Holdings, Hashed, and Mark Cuban, and a $40 million undisclosed round in August 2022 with Jump Crypto and Brevan Howard Digital. Total funding raised across rounds reached approximately $52.6 million. Injective Protocol launched its INJ token via an IEO in October 2020, raising $3.6 million at $0.4 per token. The project has no disclosed valuation for the 2020 seed round. |
| Oct 2018 | Pre-seed | Binance (lead) | $500K | - | - |
Who has invested in Injective?
13 investors have backed Injective across its funding rounds, including Pantera Capital, Hashed, Mark Cuban, YZi Labs, CMS Holdings and Jump Crypto.
Lead investors include Jump Crypto, YZi Labs, Pantera Capital and Binance.
Injective Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| San Francisco, CA | 2 | Lead | Jul 2020 | |
| San Francisco, CA | 2 | Participant | Oct 2020 | |
 Singapore | 1 | Participant | Apr 2021 | |
 London | 1 | Participant | Aug 2022 | |
| London | 1 | Participant | Apr 2021 | |
| San Francisco, CA | 1 | Participant | Apr 2021 | |
| Mark Cuban | Dallas, TX | 1 | Participant | Apr 2021 |
 Birkirkara | 1 | Lead | Oct 2020 | |
 George Town | 1 | Lead | Oct 2018 | |
| Miami, FL | 1 | Participant | Apr 2021 | |
| Chicago, IL | 1 | Lead | Aug 2022 | |
This data is available for Pro users. Sign up to see all 13 Injective investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialInvestments by Injective
Injective has invested in 2 companies to date.
Latest investment by Injective was on October 21st 2021. Injective invested in Symbiosis Finance in their $2M Seed round.
Latest Investments by Injective
| Description | Symbiosis Finance is a decentralized protocol facilitating cross-chain liquidity aggregation. It connects over 20 blockchains including Ethereum, Solana, and Arbitrum, allowing seamless swaps and transfers without wrapped tokens. The platform employs a single-sided liquidity model where users provide assets to earn yields across native chains. Symbiosis supports stablecoins and major tokens, processing millions in daily volume for DeFi users worldwide. | Burnt is a Tel Aviv-headquartered decentralized NFT auction protocol enabling permissionless minting, bidding, and trading of digital assets on Ethereum and other blockchains. Launched in 2021, the platform integrates with wallets like MetaMask and partners with projects to provide low-fee marketplaces, royalty enforcement, and cross-chain liquidity tools for creators and collectors. |
| HQ Country |  | |
| HQ City | Moscow | New York City, NY |
| Deal Date | 21 Oct 2021 | 6 May 2021 |
| Round | Seed | Seed |
| Raised | $2M | $3M |
| Investors | Richard Dai; Gate; Rick Seeger; Kairon Labs; Shima Capital; DAO Maker; Blockchain.com Ventures; Wave Digital Assets; BTC Investment; Primitive Ventures; KuCoin | Spartan; Alameda Research; Mechanism Capital; Multicoin Capital; DeFiance Capital; Do Kwon; Hashkey Exchange; Vessel Capital |
| Valuation | undisclosed | undisclosed |
| EV/Revenue | ||
| EV/EBITDA | ||
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Injective Competitors
Injective competitors include listed companies like HashKey Holdings and OSL Group, and private ones like Andalusia Labs, Axelar Network, Bitfury Group and CoinBridge.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
 Abu Dhabi | Private | - | - | $1B | - | |
 Waterloo | Private | - | - | $1B | - | |
 Amsterdam | Private | - | - | $1B | - | |
 Herzliya | Private | - | - | $1B | - | |
 Hong Kong | Publicly listed | $92M | ($109M) | $884M | - | |
| Hong Kong | Publicly listed | $62M | ($48M) | $1.2B | 11.3x |
Injective Public Comps
Injective is still privately-owned, but its public comps include HashKey Holdings, BitGo Holdings, OSL Group, Indokripto Koin Semesta, Rhino Bitcoin, Securitize, Stewards, Coincheck Group, Bakkt and Chaince Digital.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $92M | ($109M) | 6.4x | - | (5.4x) | - | |||
| $16B | ($9M) | 0.1x | 5.5x | (125.1x) | 125.4x | |||
| $62M | ($48M) | 16.6x | 11.3x | (21.7x) | (23.2x) | |||
| $16M | $7M | 36.9x | - | 81.1x | - | |||
| $478K | ($417K) | 1242.8x | - | (1423.4x) | - | |||
| $62M | ($34M) | 25.5x | 22.2x | (46.0x) | (37910.8x) | |||
| - | - | - | - | - | - | |||
| $3.1B | $354K | 0.2x | 0.2x | 1312.3x | (189.0x) | |||
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Common questions about Injective
| When was Injective founded? | Injective was founded in 2018. |
| Where is Injective headquartered? | Injective is headquartered in New York City, NY, United States. |
| Is Injective publicly listed? | No, Injective is a private, VC-backed company. |
| What is Injective's valuation? | Injective was last valued at $1B in its undisclosed-stage round in April 2021. |
| How much funding has Injective raised? | Injective has raised $57M across 5 funding rounds. |
| What was Injective's last funding round? | Injective's last funding round was a $40M ico round in August 2022, led by Jump Crypto. |
| Who are Injective's investors? | Injective's investors include Pantera Capital, Hashed, QCP Capital, BH Digital, Pnyx Ventures, Cadenza Ventures, Mark Cuban, YZi Labs, Binance, BlockTower Capital and 3 others. |
| Which companies are comparable to Injective? | Companies comparable to Injective include Andalusia Labs, Axelar Network, Bitfury Group, CoinBridge, HashKey Holdings and OSL Group. |
| How many companies has Injective invested in? | Injective has invested in 2 companies, including Symbiosis Finance and Burnt. |
| What was Injective's last investment? | In October 2021, Injective invested in Symbiosis Finance's $2M seed round alongside Richard Dai, Gate, Rick Seeger and 8 other investors. |
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