Insider: Lens Protocol seeks to raise $50 million at a $500 million valuation

According to people familiar with the matter, Avara founder and CEO Stani Kulechov is in contact with US venture capital institutions to seek $50 million in financing for Lens Protocol, which will bring its valuation to $500 million. Avara spokesperson did not confirm or deny this information and declined to comment further. When asked about the coin issuance, Kulechov said that "it has not reached that stage yet" and the current main goal is the upcoming Lens Network, a native network built on the ZKsync technology stack. In 2023, Lens Protocol raised $15 million; four weeks ago, its competitor Farcaster raised $150 million at a valuation of $1 billion. (DL News)