Web3 Privacy Systems Espresso Systems Closes $32 Million in Funding Round with Sequoia Capital and Others

Espresso Systems, a scaling and privacy system for Web 3 applications, closed a $32 million round of funding led by Greylock Partners and Electric Capital, with participation from Sequoia Capital, Blockchain Capital and Slow Ventures. The funds raised will be used to expand the team, product development and bringing products to market. Espresso Systems is developing layer 1, or base blockchain, infrastructure to deliver fast, low-fee transactions by integrating a proof-of-stake consensus protocol with a zero-knowledge (zk) rollup mechanism.