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- StarkWare Industries
StarkWare Industries Valuation, Funding & Investors
StarkWare Industries is valued at $8B as of May 2022.
Last StarkWare Industries valuation
$8B
Series D · May 2022
Last StarkWare Industries funding round
$100M
Series D · May 2022
Cumulative funding StarkWare Industries raised
$261M
across 5 funding rounds
Key investors in StarkWare Industries
Sequoia Capital
Alameda Research
DCVC
Pantera Capital
Paradigm
Tiger Global
About StarkWare Industries
StarkWare Industries is a Tel Aviv-headquartered blockchain technology company developing the STARK proof system for scalable, privacy-preserving computations. The firm builds a full-stack suite including Cairo language, prover networks, and verification tools to enable zero-knowledge proofs for decentralized applications on Ethereum.
Founded
2018
HQ
Website
Status
Privately held
Customer focus
B2B
Revenue model
Licensing
Valuation
$8B (May 2022)
StarkWare Industries Valuation
StarkWare Industries is currently valued at $8B, based on its Series D in May 2022.
The $100M round was led by Alameda Research, Coatue and Greenoaks, with participation from Tiger Global.
StarkWare Industries' valuation has grown 4.0x from $2B at its Series C in November 2021 to $8B in May 2022, across 2 priced rounds.
StarkWare Industries valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| May 2022 | Series D | $8B |
| Nov 2021 | Series C | $2B |
StarkWare Industries Funding History
StarkWare Industries has raised a total of $261M across 5 funding rounds.
StarkWare Industries' first fundraising round was a $6M seed round in January 2018. The most recent completed round was a $100M Series D in May 2022.
StarkWare Industries funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| May 2022 | Series D | Alameda Research (lead); Coatue (lead); Greenoaks (lead); Tiger Global | $100M | $8B | StarkWare Industries develops Ethereum layer-2 scaling solutions using STARK technology to reduce blockchain congestion and enable efficient transaction processing. Its products include StarkEx, a permissioned validity-rollup engine used by projects like Immutable X for NFT minting, and StarkNet, a permissionless decentralized ZK-rollup for broader blockchain applications. The company has raised over $260 million across multiple rounds to advance zero-knowledge proof technology, expand its ecosystem, and support developer tooling. In May 2022, StarkWare closed a $100 million Series D round, quadrupling its valuation to $8 billion from $2 billion six months prior. The round was led by Greenoaks Capital and Coatue, with participation from Tiger Global and other investors, including a secondary transaction allowing employees to sell shares. This funding occurred amid crypto market volatility following the LUNA crash, signaling investor confidence in layer-2 infrastructure. The capital aims to expand the StarkNet ecosystem, invest in research, and grow developer tooling during a bear market. StarkWare had previously raised $50 million in November 2021 at $2 billion valuation (noted as Series C in some sources), following a $75 million Series B. By May 2022, the company had grown its staff from 50 to 85 people. StarkEx had reportedly facilitated about half a trillion dollars in trading volume. Post-round, StarkWare continued ecosystem growth, with a follow-on $50 million Series D extension in December 2022 at the maintained $8 billion valuation led by Greenoaks and Coatue. The firm positions itself for long-term blockchain scalability, betting on STARKs to drive adoption in gaming, DeFi, and beyond. |
| Nov 2021 | Series C | Sequoia Capital (lead); Alameda Research; DCVC; IOSG Ventures | $50M | $2B | StarkWare Industries is an Israeli blockchain infrastructure company developing zero-knowledge proof (ZK) technology for Ethereum scaling, including StarkEx (permissioned validity-rollup) and StarkNet (permissionless ZK-rollup) to reduce gas fees and increase transaction throughput. On November 16, 2021, it closed a $50 million Series C funding round led by Sequoia Capital, with participation from existing investors like Paradigm, Alameda Research, and others, valuing the company at $2 billion post-money. This followed a $75 million Series B in May 2021 led by Paradigm. The funds were earmarked to accelerate StarkNet's Ethereum mainnet deployment, which launched shortly after amid public testing, enabling permissionless dApp development and fostering a building boom on blockchain. Customers at the time included ConsenSys, Immutable, dYdX, and Sorare, highlighting early traction in DeFi and gaming. CEO Uri Kolodny noted the valuation reflected investor confidence in blockchain scaling needs. StarkWare's STARK proofs, invented by co-founders Eli Ben-Sasson and Michael Riabzev, aim to make blockchains viable for mass adoption by boosting capacity, lowering costs, and reducing environmental impact. The round positioned StarkWare amid a wave of Layer 2 investments, competing with firms like Matter Labs (a16z-backed) and Offchain Labs (Lightspeed-backed at $1.2B). Sequoia, an early 2018 investor, led for the first time, signaling growing VC interest in crypto infrastructure. |
| Mar 2021 | Series B | Paradigm (lead); Pantera Capital; Alameda Research; Sequoia Capital; Founders Fund; DCVC; Three Arrows Capital; Wing Venture Capital | $75M | - | StarkWare Industries is an Israeli software company founded in 2018, specializing in zero-knowledge proof technology to address blockchain scalability, particularly for Ethereum. It develops products like StarkEx (permissioned validity-rollup) and StarkNet (permissionless ZK-rollup) to increase transaction speed and reduce Ethereum gas fees. Customers include ConsenSys, Immutable, dYdX, and Sorare. In March 2021, StarkWare raised $75 million in a Series B round led by Paradigm, with participation from Sequoia Capital, DCVC, Pantera Capital, Wing Venture Capital, Alameda Research, Founders Fund, and Three Arrows Capital, plus $12 million from the Ethereum Foundation. This followed a $30 million Series A in February 2021 led by Paradigm and a $6 million seed round in 2018 led by Sequoia. Subsequent rounds included a $50 million extension in November 2021 (sometimes labeled Series B or C) led by Sequoia at a $2 billion valuation, involving some overlapping investors like Paradigm, Alameda Research, and Three Arrows Capital, to scale StarkEx adoption and accelerate StarkNet development. A $100 million Series C (or D) in May 2022 led by Greenoaks valued the company at $8 billion, followed by a $50 million Series D in December 2022 at the same valuation. Total funding reached approximately $261 million by late 2022. The company was preparing StarkNet L2 mainnet deployment around late 2021. StarkWare employs about 190 people in Netanya, Israel, with notable advisors including Avi Wigderson and scientific backers from Zcash and academia. |
| Oct 2018 | Series A | Paradigm (lead); Sequoia Capital (lead) | $30M | - | StarkWare Industries, founded in 2018 in Netanya, Israel, by Uri Kolodny, Eli Ben-Sasson, Michael Riabzev, and Alessandro Chiesa, develops zero-knowledge proof (ZKP) technologies to enhance blockchain scalability and privacy, primarily for Ethereum. The company focuses on STARK technology for succinct, transparent, and post-quantum secure proofs, powering solutions like StarkEx and StarkNet for applications in DeFi, gaming, and Web3. In October 2018, StarkWare completed a $30 million Series A round led by Paradigm, with participation from Sequoia Capital, Intel Capital, Atomico, Coinbase, DCVC, and others, following a $6 million seed round in 2018 led by Sequoia and a $6.7 million Ethereum Foundation grant. Total raised by late 2018 reached $36 million. Paradigm co-founder Matt Huang joined the board. Subsequent funding included a $75 million Series B in March 2021 led by Paradigm with Sequoia and others, followed by a $50 million Series C extension in November 2021 led by Sequoia, valuing the company at $2 billion and bringing total funding to $163 million. A $100 million Series D in May 2022 led by Greenoaks and Coatue reached an $8 billion valuation, with a $50 million extension in December 2022 maintaining that level; total funding approximated $261 million by end-2022. StarkWare's technology has processed over 150 million Ethereum transactions, surpassing other scaling solutions, with tens of thousands of developer downloads for its platform launched around 2022. The company reported sales in the tens of millions and profitability as of that time, serving clients like ConsenSys, dYdX, Immutable, and Sorare. It employs around 190 people, with notable backers including Vitalik Buterin. |
| Jan 2018 | Seed | Linda Xie; Pantera Capital; Fred Ehrsam; Arthur Breitman; MetaStable Capital; Naval Ravikant; Floodgate; Polychain; Bollinger Investment Group; Vitalik Buterin | $6M | - | StarkWare Industries raised $6 million in a seed round in 2018 to develop core zero-knowledge proof technology and build its founding engineering team. |
Who has invested in StarkWare Industries?
21 investors have backed StarkWare Industries across its funding rounds, including Sequoia Capital, Alameda Research, DCVC, Pantera Capital, Paradigm and Tiger Global.
Lead investors include Alameda Research, Coatue, Greenoaks, Sequoia Capital and Paradigm.
StarkWare Industries Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 3 | Lead | Mar 2021 | ||
| 3 | Lead | Oct 2018 | ||
| 2 | Participant | Jan 2018 | ||
| 2 | Participant | Mar 2021 | ||
| 2 | Lead | Oct 2018 | ||
| 1 | Participant | Jan 2018 | ||
| 1 | Lead | May 2022 | ||
| 1 | Participant | Jan 2018 | ||
| 1 | Participant | Jan 2018 | ||
| 1 | Participant | Jan 2018 | ||
| 1 | Participant | Jan 2018 | ||
| 1 | Participant | Jan 2018 | ||
| 1 | Participant | Mar 2021 | ||
This data is available for Pro users. Sign up to see all 21 StarkWare Industries investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialInvestments by StarkWare Industries
StarkWare Industries has invested in 25 companies to date.
Latest investment by StarkWare Industries was on January 14th 2026. StarkWare Industries invested in Paycrest in their $400K Pre-seed round.
Latest Investments by StarkWare Industries
| Description | Paycrest is a decentralized payment routing protocol facilitating secure conversions and settlements between stablecoins and fiat currencies. | Symbiotic is a shared security protocol for decentralized networks on Ethereum. It allows restakers to allocate assets like ETH to secure multiple rollups and appchains simultaneously. Launched in 2024, the platform supports sovereign ecosystems with opt-in security, attracting over $1 billion in total value locked from major DeFi protocols. | Cartridge is a Web3 gaming platform that develops fully on-chain multiplayer games where all game state and logic execute verifiably on the blockchain. Headquartered in San Francisco, the company launched in 2021 and powers titles such as Dark Forest, a real-time strategy game inspired by Conway's Game of Life. Cartridge supports autonomous worlds through Ethereum layer-2 solutions like ZKsync, enabling persistent, player-owned digital economies without centralized servers. Its technology stack includes zero-knowledge proofs for scalable verification, attracting developers building decentralized gaming experiences across global communities. | Sendblocks is a no-code platform for building Web3 applications. It accelerates development from months to weeks, reducing efforts by up to 80 percent through drag-and-drop interfaces for smart contracts, wallets, and blockchain integrations. Targeted at developers and businesses entering decentralized finance and NFTs, the San Francisco-based company supports Ethereum and other chains. | |
| HQ Country | |||||
| HQ City | - | Dubai | New York City, NY | Givatayim | |
| Deal Date | 14 Jan 2026 | 23 Apr 2025 | 4 Aug 2024 | 2 Jul 2024 | |
| Round | Pre-seed | Series A | Series A | Seed | |
| Raised | $400K | $29M | $8M | $8M | |
| Investors | Sunny Side Venture Partners; Microtraction; Hashed Emergent; LAVA | Pantera Capital; Aave; Coinbase Ventures; Peyman Momeni; Polygon | Dune Ventures; Ergodic Capital; Fabric Ventures; BITKRAFT Ventures; Primitive Ventures | Pitango VC; Castle Island Ventures; Laser Digital; Illuminate Financial | |
| Valuation | undisclosed | undisclosed | undisclosed | undisclosed | |
| EV/Revenue | |||||
| EV/EBITDA | |||||
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StarkWare Industries Competitors
StarkWare Industries competitors include listed companies like Bullish and BitMine, and private ones like FalconX, Fireblocks, Dapper Labs and Wealthsimple.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | - | - | $8B | - | ||
| Private | $100M | - | $8B | - | ||
| Private | - | - | $7.6B | - | ||
| Private | - | - | $7.3B | - | ||
| Publicly listed | $245B | ($727M) | $5.3B | 13.5x | ||
| Publicly listed | $6M | ($364M) | $14B | 97.4x |
StarkWare Industries Public Comps
StarkWare Industries is still privately-owned, but its public comps include Bullish, Galaxy Digital, Hyperliquid Strategies, Sharplink, BitMine, Securitize, OSL Group, HashKey Holdings, BitGo Holdings and Circle.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $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 | - | - | |||
| $28M | ($734M) | 61.9x | 39.9x | (2.4x) | 141.1x | |||
| $6M | ($364M) | 2308.9x | 97.4x | (38.6x) | - | |||
| $62M | ($34M) | 25.5x | 22.2x | (46.0x) | (37910.8x) | |||
| $62M | ($48M) | 16.6x | 11.3x | (21.7x) | (23.2x) | |||
| $92M | ($109M) | 6.4x | - | (5.4x) | - | |||
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Common questions about StarkWare Industries
| When was StarkWare Industries founded? | StarkWare Industries was founded in 2018. |
| Where is StarkWare Industries headquartered? | StarkWare Industries is headquartered in Netanya, Israel. |
| Is StarkWare Industries publicly listed? | No, StarkWare Industries is a private, VC-backed company. |
| What is StarkWare Industries' valuation? | StarkWare Industries was last valued at $8B in its Series D in May 2022. |
| How much funding has StarkWare Industries raised? | StarkWare Industries has raised $261M across 5 funding rounds. |
| What was StarkWare Industries' last funding round? | StarkWare Industries' last funding round was a $100M Series D in May 2022, led by Alameda Research, Coatue and Greenoaks. |
| Who are StarkWare Industries' investors? | StarkWare Industries' investors include Alameda Research, Sequoia Capital, Pantera Capital, DCVC, Paradigm, Linda Xie, Greenoaks, Fred Ehrsam, Arthur Breitman, MetaStable Capital and 11 others. |
| Which companies are comparable to StarkWare Industries? | Companies comparable to StarkWare Industries include FalconX, Fireblocks, Dapper Labs, Wealthsimple, Bullish and BitMine. |
| How many companies has StarkWare Industries invested in? | StarkWare Industries has invested in 25 companies, including Paycrest, Symbiotic, Cartridge, Sendblocks, Bring, ZKX, Switchboard and Hylé. |
| What was StarkWare Industries' last investment? | In January 2026, StarkWare Industries invested in Paycrest's $400K pre-seed round alongside Sunny Side Venture Partners, Microtraction, Hashed Emergent and 1 other investor. |
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