Sequoia, Dragonfly Back Web3 Startup Caldera in $9M Rounds

Caldera, which provides infrastructure for Web3 applications, has raised $9 million across two funding rounds led by traditional finance giant Sequoia Capital and crypto-native firm Dragonfly.

The new capital will go toward hiring, partnerships and integrations, according to a Medium post.

Caldera allows app developers to launch and run dedicated layer two blockchain “rollups” – lightweight, customizable blockchains that inherit security from another blockchain such as Ethereum but offer faster speeds and lower fees for an app’s transactions.

Early last year, Sequoia Capital announced it was looking to raise $600 million for its first crypto fund. In April, Dragonfly raised $650 million for its third industry fund.

Other investors in the rounds included Neo, 1kx, and Ethereal Ventures.

Read more: Crypto Winter Led to 91% Plunge in VC and Other Investments for January

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