- The call for funding comes after the company laid off 13% of its staff in a restructuring exercise.
- The $200 million fund to elevate ConsenSys into a unicorn with a valuation of $1 billion.
ConsenSys a development studio for Ethereum founded by Joseph Lubin is seeking at least $200 million in new funding in order to avoid going under. The call for funding comes after the company laid off 13% of its staff in a restructuring activity four months ago. However, ConsenSys is yet to confirm the allegations reported by The Information.
The Ethereum development firm is said to be looking for the funds to bring its valuation to $1 billion. Investors claim that that valuation is ridiculous due to the fact that ConsenSys has been struggling financially. The firm is said to have 900 individuals in its workforce and recently reported $28 million in revenue.
The restructuring of its staff seems to be far from over as the firm was reported to be targeting the laying of 60% of its workers. ConsenSys currently has operations in more than 28 countries following the rapid expansion it went through last year.
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