Kakarot zkEVM Raises Funding to Boost Zero-Knowledge EVM Development

Published: November 14, 2023 at 10:57 am Updated: November 14, 2023 at 10:58 am

Edited and fact-checked:
November 14, 2023 at 10:57 am

In Brief

Kakarot zkEVM today announced it has successfully completed its second round of financing, led by Stake Capital and LongHash Ventures.

Kakarot zkEVM today announced it has successfully completed its second round of financing, with Stake Capital Group and LongHash Ventures leading the investment. The funds raised will be used to strengthen the team and accelerate the development of Ethereum scaling solutions.

Among the other participating parties in the investment were Eterna Capital, Fenbushi Capital, OKX Ventures, Foresight Ventures, and others.

Kakarot ‘s Ethereum Virtual Machine implementations are written in Cairo and its platform enables teams to build and deploy EVM applications. Developers can deploy Solidity or any EVM-compatible language on Kakarot, similar to the process on Ethereum or Polygon. Subsequently, end users can interact with the DApp through their usual toolchain, such as Little Fox Wallet, Wallet Connect, and others.

In the long run, Kakarot aims to offer interoperability with native Starknet protocols and facilitate composability between protocols. This includes scenarios like combining Total Value Locked (TVL) in DeFi with the user base in GameFi.

In a X (Twitter) post, the team highlighted its continuous commitment to the philosophy of open sourcing and prioritizing the community throughout this growth. Previously, the team had concluded the Pre-Seed round of financing in June 2023, with participation from Vitalik Buterin, StarkWare and others.

Kakarot shifts into the next level, full power mode!

KKRT Labs is excited to announce the completion of its second investment round

The primary objective of this funding is to grow our team and speed up the development of our Ethereum scaling solutions pic.twitter.com/9XjuK15fFG

— Kakarot zkEVM (@KakarotZkEvm) November 14, 2023

Zero-Knowledge Solutions Witness Growth in Investments

In the rapidly evolving landscape of blockchain and cryptocurrency, emerging technologies such as Zero-Knowledge scaling solutions are rising.

Recently, Stackr — an Ethereum scaling startup, secured $5.5 million in seed funding from notable investors such as a16z CSS and Archetype. The project is aimed at developing Ethereum scaling infrastructure focused on app-specific rollups to help developers launch scalable web3 applications using web2 programming languages.

Another noteworthy recent development in the realm of Zero-Knowledge technologies was the successful $20 million seed funding round of semiconductor company Ingonyama, led by Walden Catalyst with participation from Samsung Next.
The company aims to develop a programmable parallel computing processor to accelerate Zero-Knowledge proofs and fully homomorphic encryption, pushing the boundaries of advanced cryptography.

Zero-Knowledge’s momentum indicates no signs of abating, as investors increasingly recognizing its transformative potential and actively supporting current developments.

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Alisa is a reporter for the Metaverse Post. She focuses on investments, AI, metaverse, and everything related to Web3. Alisa has a degree in Business of Art and expertise in Art & Tech. She has developed her passion for journalism through writing for VCs, notable crypto projects, and engagement with scientific writing.

Alisa Davidson