Morph Announces $20MM Fundraise in Seed and Angel Investment

The $19MM seed round led by DragonFly Capital to further build Permissionless EVM L2 bringing real-world value to global users 

NEW YORK, March 20, 2024 /PRNewswire/ -- Morph, a fully permissionless Ethereum Virtual Machine (EVM) Layer 2 for value-driven dApps, today announced the close of a $19MM seed round led by DragonFly Capital with additional participation from Pantera Capital, Foresight Ventures, The Spartan Group, MEXC Ventures, Symbolic Capital, Public Works, MH Ventures, Everyrealm, with an additional $1MM raised in an angel round.

The company intends to utilize this investment towards talent acquisition, enhancing developer incentives, expanding marketing efforts to further bolster its visibility within the Layer 2 ecosystem and refining its technical infrastructure.

Cecilia Hsueh, Co-Founder & CEO at Morph, said, "Today is yet another milestone in the journey of Morph, as we continue to grow its ecosystem with like-minded partners and investors who are looking to advance the blockchain industry into the mainstream. Morph is set to revolutionize how blockchain technology is utilized by organizations within the entertainment, finance, social and gaming industries."

Morph represents the next evolution in L2 solutions and is designed to offer the most founder-friendly pipeline for projects in the space. The innovative technology is built within three key pillars –  decentralized sequencer, optimistic zkEVM integration, and modular design. A cornerstone of Morph's innovation is within its optimistic zkEVM.

Azeem Khan, Co-Founder and COO at Morph said, "The existing L2 market is focused solely on short-term gains to be able to win the next casino round, rather than building for sustainable success. At Morph, we proudly help developers to create dApps that can truly make a long-term difference and win over a mainstream user base. Being one of the first to launch with a decentralized sequencer on Ethereum is also an example of our commitment to decentralization from the beginning."

Those building on Morph will have access to advanced tooling that provides them with the resources needed to effectively go from the earliest stages of building all the way through potential token listings.  Additional resources in the form of a venture studio to be announced soon.  More on what sets Morph apart can be found within its public testnet launch announcement (Medium).

Investor Quotes

"As the first Layer 2 on Ethereum to launch with a decentralized sequencer, Morph brings endless user-friendly opportunities to developers. We're excited to join the Morph team as they continue to scale," said Haseeb Qureshi, Managing Partner at Dragonfly Capital.

"We are excited to announce our investment in Morph, an up-and-coming L2 on Ethereum. Morph's sophisticated new-generation technology combines the efficiency of optimistic roll-ups with the security of zero-knowledge roll-ups to enhance scalability," said Paul Veradittakit, Managing Partner at Pantera Capital. "We believe Morph's technology is exactly what developers in the consumer vertical need for mainstream adoption, and their strategic partnership with      bitget is a key distribution channel that is already under development. We look forward to supporting the team on their journey!"

About Morph
Morph is a fully permissionless EVM L2 that uses a combination of optimistic and zero knowledge rollup technology to enable limitless possibilities in finance, gaming, social media, and entertainment. Morph is the first Layer 2 on Ethereum to launch with a decentralized sequencer, aligning it with several core principles of web3—decentralization, censorship resistance, and security. The blockchain was built with mainstream audiences like gamers and social media users in mind, making it a user-friendly option for developers who require a chain to build these types of apps on Bitget, the world's leading cryptocurrency exchange, is an original investor in Morph that will continue to play a role amongst the other investors in shaping the Morph ecosystem.

Morph's founders bring unique backgrounds and perspectives to the company. Cecilia Hsueh, Morph's Co-Founder and CEO, previously founded Phemex, a top global crypto derivatives exchange. Azeem Khan, Co-Founder and COO, was formerly Head of Impact at Gitcoin, where he helped lead one of the most notable grant programs in the space. Together they launched Morph to empower people who have historically been excluded by the traditional financial system.

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SOURCE Morph