Figment Secures $110 Million Series C at $1.4 Billion Valuation, C1 Fund Invests

Executive Summary

Figment, a prominent blockchain infrastructure and staking service provider, has successfully closed a $110 million Series C funding round, reaching a post-money valuation of $1.4 billion. This financing event, which also includes a strategic investment from C1 Fund, underscores escalating institutional engagement in the Proof-of-Stake (PoS) sector and blockchain infrastructure.

The Event in Detail

Figment announced the completion of its $110 million Series C funding round, propelling its valuation to $1.4 billion. The round was led by software investment firm Thoma Bravo, with participation from a diverse group of investors including Counterpoint Global (Morgan Stanley), Binance Labs, Mirae Asset, ParaFi Capital, Avon Ventures (Fidelity Investments), Bitstamp, CMS Holdings, Two Sigma, B Capital Group, Franklin Templeton, DTCP, and StarkWare. This capital injection brings Figment's total funding to $165 million.

Separately, C1 Fund Inc., a registered closed-end investment company providing public-market investors exposure to late-stage digital-asset and technology companies, confirmed its investment in Figment. This position was executed through the secondary market, aligning with C1 Fund's stated mandate to support companies powering the digital-asset ecosystem.

Business Strategy & Market Positioning

Figment maintains a leadership position as an institutional provider of staking and node infrastructure. The company currently supports more than 50 blockchain protocols and manages over $17 billion in digital assets under stake. Its services extend beyond core infrastructure to include protocol staking, research, and an expansion into the application layer, enabling entrepreneurs and developers to build on Proof-of-Stake blockchains.

Figment's growth trajectory has been marked by a 180% increase in valuation from its previous $500 million, driven by an increase in supported networks, expanded services, and client acquisition. The company serves over 700 institutional clients, including asset managers, exchanges, wallets, foundations, custodians, and large token holders. Figment is also recognized as the largest non-custodial staking provider for Ethereum (ETH) and Solana (SOL).

Strategically, Figment has expanded its network coverage to include eight new protocols, notably entering Bitcoin Layer 2 solutions such as Stacks, CORE, and Babylon. The company has also forged new partnerships with major custodians and financial institutions, including Tungsten, Robinhood, and MarketVector, while upholding rigorous standards for OFAC-compliant relay usage and achieving SOC 2 certification.

Market Implications

This significant funding round for Figment signals continued maturation and institutional confidence within the Web3 ecosystem, particularly in the Proof-of-Stake sector. The investment from a broad consortium of traditional and crypto-native firms indicates a growing convergence of financial sectors engaging with digital asset infrastructure.

The capital infusion is expected to enable Figment to further expand its services and global footprint, potentially attracting more institutional capital into the staking ecosystem. This development supports the broader trend of institutional adoption of digital assets, validating staking as a critical and secure financial service. The sustained investment in core infrastructure providers like Figment suggests a foundational strengthening of the digital economy.

Expert Commentary

Lorien Gabel, co-founder and CEO of Figment, stated regarding the Series C round:

"The caliber of investors in our series C round cements Figment's position as one of the most trusted and well-established platforms in the Web3 ecosystem."

Elliot Han, Chief Investment Officer of C1 Advisors LLC, commented on C1 Fund's investment:

"Our investment reflects conviction in Figment's role at the intersection of institutional adoption, protocol development and blockchain services and is consistent with our disciplined approach to acquiring established late-stage positions."

Najam Kidwai, Chief Executive Officer of C1 Fund Inc., added:

"Our strategy is to deploy capital into companies that underpin the infrastructure of the digital economy. Figment's global footprint, protocol diversity and institutional client base make it a relevant addition to our portfolio."

Broader Context

Institutional adoption of digital asset staking reached new levels in 2024, with Figment playing a central role. The company's focus on regulatory engagement and industry leadership, including its involvement with the Crypto Council for Innovation and the Blockchain Security Standards Council, highlights its commitment to shaping a compliant and secure environment for digital finance. Looking ahead to 2025, industry leaders anticipate continued growth in Bitcoin staking and DeFi, along with further development in Solana's ecosystem and the emergence of innovative Layer 1 protocols like Berachain and Monad. The investment in Figment underscores the increasing demand for institutional-grade staking solutions as traditional finance continues to integrate digital assets into its offerings.