New York-based ConsenSys, the 900-staff Ethereum development studio, is looking to raise $200m from investors, according to a report from
The Information. The article revealed that in 2018 the startup earned $21 million in revenues primarily from its enterprise consulting business.
In December last year, the company
cut 13% of its workforce as the value of Ether dropped below $100. ConsenSys founder Joe Lubin was also an Ethereum founder and early financial backer and is thought to have used Ether gains to fund ConsenSys. Today the price of Ether is back up at $164 but still a long way off its peak of almost $1,400.
The Information also claimed that the company is looking at a valuation of at least $1 billion and there was pushback from some potential investors. Based on $21 million in revenues, that could be a challenge. The issue could be that ConsenSys is a mini-conglomerate.
Article continues …
Want the full story? Pro subscribers get complete articles, exclusive industry analysis, and early access to legislative updates that keep you ahead of the competition. Join the professionals who are choosing deeper insights over surface level news.
