The blockchain infrastructure sector is experiencing an unprecedented influx of institutional capital, and Canadian firm Figment just delivered one of the most significant funding rounds of late 2021. On December 20, 2021, Figment announced a $110 million Series C fundraise, pushing its post-money valuation to $1.4 billion — a staggering 180% increase from its previous $500 million valuation just four months ago.
TL;DR
- Figment raises $110M in Series C funding at a $1.4B post-money valuation
- Round led by Thoma Bravo, a major private equity firm focused on software
- Valuation surged 180% from $500M just four months after previous $50M raise
- Company focuses on proof-of-stake blockchain infrastructure and staking services
- Funding highlights growing institutional appetite for Web3 infrastructure plays
Thoma Bravo Leads the Charge
The funding round was led by Thoma Bravo, one of the most prominent private equity firms in the software space. The firm’s participation signals a broader trend: traditional software investors are now treating blockchain infrastructure as a legitimate enterprise technology vertical, not a speculative bet.
For Figment, the raise represents a rapid ascent. The company had closed a $50 million Series B in August 2021. Four months and one funding round later, its valuation has nearly tripled. That kind of acceleration is rare even by crypto standards.
Why Staking Infrastructure Matters
Figment operates at the intersection of blockchain infrastructure and staking services. As more networks transition to proof-of-stake consensus mechanisms — including Ethereum’s ongoing shift away from proof-of-work — the demand for reliable staking infrastructure has exploded. Figment provides the backbone that allows institutional participants to stake their assets securely while earning rewards.
The company supports multiple proof-of-stake blockchains and offers services ranging from node operations to API access for developers building on-chain applications. In essence, Figment is building the picks and shovels for the Web3 gold rush.
Broader Market Context
The Figment raise comes amid a complex market environment. Bitcoin was trading around $46,880 on December 20, 2021, while Ethereum sat at approximately $3,934. The broader crypto market cap stood at roughly $2.34 trillion, still reeling from the December 4 flash crash that wiped out nearly $500 billion in value within hours.
Despite the volatility, infrastructure investments like Figment’s suggest that smart money is playing a long game. While retail traders focus on daily price swings, institutional investors are backing the foundational layer that will support decentralized applications for years to come.
The Web3 Infrastructure Thesis
Figment’s raise fits into a larger narrative of Web3 infrastructure maturation. Throughout 2021, companies providing blockchain infrastructure — from staking services to node providers to developer tools — attracted billions in venture capital. The thesis is straightforward: regardless of which specific blockchain or application wins, infrastructure providers capture value across the entire ecosystem.
With a $1.4 billion valuation and fresh capital to deploy, Figment is positioned to expand its support for additional proof-of-stake networks and deepen its developer tooling. The company has signaled plans to enable greater participation in staking and governance across the networks it supports.
Why This Matters
Figment’s $110 million raise at unicorn status underscores a critical shift in how institutional capital views blockchain. This isn’t about trading tokens — it’s about building the infrastructure that makes decentralized networks function. As Ethereum’s transition to proof-of-stake continues and more blockchains adopt similar consensus mechanisms, staking infrastructure will become as fundamental to crypto as cloud computing is to traditional tech. The fact that a firm like Thoma Bravo is leading the round validates the thesis that blockchain infrastructure is enterprise-grade technology, and 2022 will likely see even more capital flow into this sector.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments carry significant risk. Always conduct your own research before making investment decisions.
Thoma Bravo leading a crypto round is a signal. traditional PE firms dont touch this space unless the fundamentals are undeniable
500M to 1.4B in 4 months is a 180% jump. either Figment executed incredibly or the market was pricing in pure hype
180% valuation jump in 4 months was pure froth. the staking thesis is solid but those numbers were peak bull market
180% in four months was pure multiples expansion. their revenue didnt 3x, the market just stopped caring about fundamentals. great staking business, absurd valuation timing
ppe_shiller 180% valuation jump in 4 months had nothing to do with revenue. PoS staking rates were surging and Figment was the purest exposure. classic multiple expansion
Thoma Bravo doing crypto PE was such a 2021 signal. they got in right before the market imploded. wonder how that positions them now
Thoma Bravo doing a crypto deal in 2021 was peak bull market energy. they probably made 3x on paper and then watched it evaporate in 2022
thoma bravo got the timing wrong but the thesis right. staking infrastructure is a real business, they just bought at peak multiples like everyone else in 2021
PoS infrastructure is where the real money flows. staking services will be the pick and shovels of next cycle
figment at 1.4B in dec 2021 was peak everything. every staking infra company was raising at stupid valuations. at least the business model is real unlike most of that cycle
1.4B valuation and nobody asked what happens when ETH staking yields drop below 3%. the entire staking infra thesis is yield-dependent
Thoma Bravo at 1.4B valuation in dec 2021. they basically bought the top of the staking narrative. wonder if they averaged down or just held the bag
knowing PE firms they probably marked it down 60% in their internal books by mid 2022. public marks and private marks tell very different stories
PoS staking services are the picks and shovels play but the margins are getting squeezed. lido and rocket pool take the retail side, figment fights for the institutional slice
lido and rocket pool eating retail is exactly right. figment needs the institutional angle because retail staking is basically solved by liquid staking protocols
liquid staking protocols ate the retail market because they solved the liquidity lockup problem. figments institutional angle works but the TAM is way smaller