Lido Funding, Investors & Competitors
Lido has raised $169M across 5 funding rounds, most recently a $24M undisclosed-stage round in August 2022.
Last Lido funding round
$24M
Undisclosed stage · Aug 2022
Cumulative funding Lido raised
$169M
across 5 funding rounds
Key investors in Lido
Andreessen Horowitz
Coinbase Ventures
Digital Currency Group
Alameda Research
Paradigm
Jump Crypto
Three Arrows Capital
KR1
About Lido
Lido is a decentralized liquid staking protocol, primarily for Ethereum, that lets users stake ETH and receive stETH, a liquid token that keeps earning staking rewards while remaining usable across decentralized finance. The protocol pools deposits across a set of vetted professional node operators and charges a fee on staking rewards, split between the operators and the Lido DAO treasury. It is governed by holders of its LDO token and became the dominant liquid-staking provider on Ethereum, at one point holding more than 80% of the market.
Founded
2020
HQ
Cayman IslandsWebsite
Status
Privately held
Customer focus
B2C
Revenue model
Commission
Lido Funding History
Lido has raised a total of $169M across 5 funding rounds.
Lido's first fundraising round was a $2M seed round in December 2020. The most recent completed round was a $24M undisclosed-stage round in August 2022.
Lido funding rounds
| Date | Stage | Investors | Raised | Deal Summary |
|---|---|---|---|---|
| Aug 2022 | Undisclosed stage | Dragonfly Capital (lead); BlockBase Ventures; Evernew Capital | $24M | - |
| Mar 2022 | Undisclosed stage | Andreessen Horowitz (lead) | $70M | Lido is a decentralized liquid staking protocol primarily for Ethereum, enabling users to stake ETH and receive stETH, a liquid token that maintains liquidity while earning staking rewards. It leads the Ethereum liquid staking market with over 80% share as of March 2022, with assets staked worth over $10 billion across 76,000 wallets. Governed by a DAO with holders of its LDO governance token, Lido had around 60 full-time workers and 100 total contributors at the time. On March 3, 2022, Lido raised $70 million in an undisclosed round from lead investor Andreessen Horowitz (a16z crypto), which involved purchasing LDO tokens from existing holders and staking some ETH on the platform. This brought Lido's total funding to $145 million across rounds, including a prior $2 million strategic raise and public sale. The investment came amid Ethereum's transition to proof-of-stake, where only 8% of eligible ETH was staked, creating demand for liquid staking solutions like Lido to pool assets and lower barriers. Investors included top crypto VCs like Paradigm, Coinbase Ventures, Dragonfly, and Multicoin Capital alongside a16z. |
| May 2021 | Undisclosed stage | Alameda Research; Coinbase Ventures; Digital Currency Group; Three Arrows Capital; Jump Crypto | $22M | - |
| May 2021 | ICO | Paradigm (lead) | $51M | - |
| Dec 2020 | Seed | KR1 | $2M | KR1 participated in Lido's USD 2 million funding round, announced in December 2020 shortly after the liquid staking protocol went live on Ethereum. The round was backed by Semantic Ventures, ParaFi Capital, Terraform Labs, KR1, Stakefish and Staking Facilities, with angel participation from Rune Christensen of MakerDAO, Stani Kulechov of Aave and Kain Warwick of Synthetix, and investors received LDO governance tokens. Lido allows holders of ether to stake through a set of vetted professional node operators while receiving stETH, a transferable receipt token that accrues rewards and can be redeployed across decentralised finance, addressing the illiquidity and minimum-balance constraints of staking directly on Ethereum's beacon chain. The protocol charges a 10 per cent fee on staking rewards, shared between node operators and the Lido DAO treasury. KR1 has repeatedly described Lido as one of its foundational early positions, and Lido was among the company's largest holdings by fair value in its monthly net asset value updates through 2024, at one point representing more than 12 per cent of the portfolio. |
Who has invested in Lido?
11 investors have backed Lido across its funding rounds, including Andreessen Horowitz, Coinbase Ventures, Digital Currency Group, Alameda Research, Paradigm and Jump Crypto.
Lead investors include Dragonfly Capital, Andreessen Horowitz and Paradigm.
Lido Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
 Charlotte, NC | 1 | Lead | Aug 2022 | |
 Hong Kong | 1 | Participant | May 2021 | |
 Douglas | 1 | Participant | Dec 2020 | |
| San Francisco, CA | 1 | Participant | May 2021 | |
| Stamford, CT | 1 | Participant | May 2021 | |
 Ho Chi Minh City | 1 | Participant | Aug 2022 | |
| San Francisco, CA | 1 | Lead | Mar 2022 | |
 Taipei | 1 | Participant | Aug 2022 | |
 Singapore | 1 | Participant | May 2021 | |
This data is available for Pro users. Sign up to see all 11 Lido 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 TrialLido Competitors
Lido competitors include listed companies like Block, Coinbase and Circle, and private ones like Ripple, OKX and Kraken.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| San Francisco, CA | Private | $1.2B | - | $50B | - | |
| United States | Publicly listed | $24B | $2.2B | $46B | 1.6x | |
| United States | Publicly listed | $7.2B | $1.8B | $46B | 7.6x | |
 Victoria | Private | $1.9B | - | $25B | 13.2x | |
| United States | Publicly listed | $2.7B | ($73M) | $22B | 6.8x | |
| San Francisco, CA | Private | $2.2B | $531M | $21B | 9.5x |
Lido Public Comps
Lido is still privately-owned, but its public comps include Strategy, Block, Coinbase, Circle, BitMine, Bullish, Galaxy Digital, Hyperliquid Strategies, Sharplink and Securitize.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $477M | ($5.4B) | 149.4x | 144.4x | (13.1x) | (12.3x) | |||
| $24B | $2.2B | 1.7x | 1.6x | 18.6x | 9.4x | |||
| $7.2B | $1.8B | 6.1x | 7.6x | 24.2x | 27.2x | |||
| $2.7B | ($73M) | 7.2x | 6.8x | (273.4x) | 29.6x | |||
| $6M | ($364M) | 2308.9x | 97.4x | (38.6x) | - | |||
| $245B | ($727M) | 0.0x | 13.5x | (6.3x) | 38.2x | |||
| $60B | ($177M) | 0.1x | 0.2x | (43.3x) | (182.6x) | |||
| $9M | - | 308.0x | 162.2x | - | - | |||
This data is available for Pro users. Sign up to see all Lido competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Lido
| When was Lido founded? | Lido was founded in 2020. |
| Where is Lido headquartered? | Lido is headquartered in Cayman Islands. |
| Is Lido publicly listed? | No, Lido is a private, VC-backed company. |
| How much funding has Lido raised? | Lido has raised $169M across 5 funding rounds. |
| What was Lido's last funding round? | Lido's last funding round was a $24M undisclosed-stage round in August 2022, led by Dragonfly Capital. |
| Who are Lido's investors? | Lido's investors include Dragonfly Capital, Alameda Research, KR1, Coinbase Ventures, Digital Currency Group, BlockBase Ventures, Andreessen Horowitz, Evernew Capital, Three Arrows Capital, Jump Crypto and 1 other. |
| Which companies are comparable to Lido? | Companies comparable to Lido include Ripple, Block, Coinbase, OKX, Circle and Kraken. |
See companies similar to Lido
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