Vitalik Buterin backs new blockchain MegaETH as it raises $20 million at '9-figure' token valuation
MegaLabs, the developer of a new blockchain called MegaETH, has raised $20 million in a seed funding round.

MegaLabs began raising funds for the seed round last December and closed it in May, co-founder and chief business officer Shuyao Kong told The Block. The round was structured as equity plus token warrants and brought MegaETH's fully diluted token valuation to a "9-figure" amount, Kong said, meaning at least $100 million.

Dragonfly led the seed round, with Figment Capital, Robot Ventures, Big Brain Holdings and others participating, MegaLabs said Thursday. Angel investors, including Ethereum 
 ETH +3.42%
 co-founder Vitalik Buterin, ConsenSys founder and CEO Joseph Lubin, EigenLayer founder and CEO Sreeram Kannan, ETHGlobal co-founder Kartik Talwar, Helius Labs co-founder and CEO Mert Mumtaz, Santiago Santos, Hasu and Jordan Fish, aka Cobie, also joined the round.