Movement Labs, the developer of the EVM-compatible Zk-powered blockchain MoveVM, is reportedly raising $100 million in a Series B funding round. The round is led by CoinFund, with participation from Brevan Howard’s digital asset division. According to a source familiar with the matter, the company is expected to reach a valuation of $3 billion through this fundraising effort.

The Series B follows the company’s $38 million Series A round announced in April 2024, which was led by Polychain Capital. Other contributors to that round included Hack VC, Placeholder, and Aptos Labs, among others.

Movement Labs Targets $3 Billion Valuation

Focus on Blockchain

Founded in 2022 by Rushi Manche and Cooper Scanlon, Movement Labs aims to address two major challenges in blockchain technology: user experience and vulnerabilities in smart contracts. Co-founder Rushi Manche identified these issues as key obstacles to broader blockchain adoption.

The company’s MoveVM blockchain is designed to support over 30,000 transactions per second, making it suitable for a range of decentralized applications. The network’s compatibility with the Ethereum Virtual Machine (EVM) and its use of Zk-rollup technology are intended to enhance scalability and security while maintaining efficiency.

Movement Network Architecture 

Allocation of New Funding

Movement Labs plans to use the funds raised in the Series B round for several initiatives:

• Product Development: Continued improvements to the MoveVM blockchain to support growing adoption.
• Geographic Expansion: Building a stronger presence in the Asia-Pacific region, which has shown increasing interest in blockchain technology.
• Team Growth: Expanding the team to support the company’s development and operational goals.

Recent Milestones

The reported fundraising comes shortly after Movement Labs launched its native token, $MOVE, in December 2024. Earlier in the year, the company collaborated with the decentralized physical infrastructure network Up Network to introduce Up Mobile, a smartphone tailored for web3 applications and powered by artificial intelligence.

The Series B round also reflects a broader recovery in investor interest in web3 technologies, which had experienced a downturn in 2022. Movement Labs’ approach to blockchain scalability and security has contributed to its appeal among venture capital firms.

Multi-asset Staking

Final Thoughts

Movement Labs’ ongoing efforts to improve blockchain performance and security, combined with its strategic expansion plans, position the company as a significant player in the web3 sector. The Series B fundraising, with a $3 billion valuation target, is an indicator of the growing interest in blockchain solutions designed to address long-standing challenges in the industry.