Taiko Labs, the developer of Taiko, an Ethereum Layer2 scaling solution, has raised $22 million in two rounds of funding. The first was a $10 million seed round led by Sequoia China that closed in Q3 2022, and the second was a recent $12 million pre-Series A round led by Generative Ventures, co-founder Daniel Wang said in an interview.
Other investors in both rounds include IOSG Ventures, GSR and GGV Capital, as well as angel investors such as POAP founder Patricio Worthalter, Tim Beiko of the Ether Foundation and Anthony Sassano.
Wang added that Taiko's first two rounds of financing will secure the successful launch of its mainnet but that the project will likely raise more capital, in part to set up an ecosystem investment fund for luring dApps and developers to the ecosystem.
According to Taiko's whitepaper, it is a ZK-Rollup that aims for EVM-equivalence and Ethereum-equivalence, which will allow its rollup to support all existing Ethereum smart contracts, DApps, developer tooling, and infrastructure.