Axelar Secures $25 Million in Series A Funding on July 15, 2021

According to media reports, Axelar raised $25 million in a Series A funding round on July 15, 2021. The round was backed by Polychain, Dragonfly, Lemniscap, Galaxy Digital, Robot Ventures, Hypersphere Ventures, Morningstar Ventures, Collab+Currency, Divergence Ventures, and North Island Ventures. Following this transaction, Axelar’s cumulative funding reached $143.75 million.Axelar is a decentralized cross-chain communication network designed to enhance Web3 interoperability by connecting heterogeneous blockchains and enabling asset liquidity and composability of applications in an optimized manner. The project consists of a network layer and an API layer, with its core being a permissionless overlay network that provides Turing-complete cross-chain communication through proof-of-stake and permissionless protocols.Notably, Axelar has demonstrated robust growth momentum throughout its development. Since closing a $3.75 million seed round in November 2020, the project has completed multiple funding rounds. In February 2022, Axelar secured $35 million in Series B funding, followed by a public raise of $50 million in March of the same year. A significant milestone in the project’s trajectory was the partnership established with Microsoft in July 2023 to jointly develop blockchain interoperability solutions. This sequence of financings and collaborations underscores strong investor and industry confidence in cross-chain communication technology and highlights Axelar’s leading position in advancing blockchain interoperability.