Movement Labs closes on $100 million Series B funding

Key Takeaways

San Francisco-based Movement Labs is close to securing a $100 million Series B funding round co-led by CoinFund and Nova Fund.
The new capital will allow Movement Labs to develop its blockchain infrastructure, integrating Facebook's mobile platform with Ethereum.

Movement Labs is close to completing a $100 million Series B funding round that would value blockchain development company Fortune at around $3 billion. reported Wednesday, citing sources familiar with the deal.

The report said that a Gluasad spokesperson confirmed that Series B is ongoing but declined further comment.

CoinFund and Nova Fund, part of Brevan Howard's digital asset division, will co-lead the round, which is expected to close by the end of January. Investors will get a mix of equity and Movement's Move token, with an emphasis on the token component, one source said.

The news comes after Movement Labs secured $38 million in Series A funding last April. The round was led by Polychain Capital, with participation from Hack VC, dao5, and Robot Ventures.

Founded by Gen Z entrepreneurs Cooper Scanlon and Rushi Manche, the San Francisco-based development team aims to create a layer 2 blockchain on Ethereum using Move, a programming language originally developed for the Diem project Facebook.

The Movement co-founders have positioned their platform as a layer 2 solution that allows developers to use the Move programming language while leveraging the Ethereum ecosystem, distinguishing it from established blockchains moved like Aptos and Sui.

The platform's beta mainnet went live last month, along with its MOVE token, which is currently trading on major exchanges including Binance and Coinbase.

The token's market cap peaked at $2.7 billion after launch but has since declined, sitting at around $2 billion, CoinGecko data presentations.

The funding round comes amid renewed investor interest in crypto assets, with competitors also receiving substantial capital. Monad and Berachain recently announced funding rounds of $225 million and $100 million, respectively.