Bain Capital Crypto Leads $4.5M Seed Round for Blockchain Startup Orb Labs

Orb Labs, a New York-based blockchain interoperability startup, raised $4.5 million in seed funding led by the crypto arm of Bain Capital, who launched its first crypto fund last March with $560 million in committed capital.

The fundraising also attracted participation from leading venture capital firms and web3 investment companies including Shima Capital, 6th Man Ventures, Aves Lair, Newman Capital, Modular Capital and SevenX Ventures.

The funds will be used to expand the team, accelerate product development and perform security audits ahead of the launch, the company said.

Co-founded in 2022 by Richard Adjei and Felix Madutsa, Orb Labs develops tooling and protocols that enable blockchains to communicate with one and other.

The company has built two products: Earlybird, a cross-chain messaging protocol, and MagicLane, an omnichain token and messaging platform built on Earlybird. Both products will be released in the coming months, according to the company.

Adjei lauded his company’s interoperability protocol citing its ability to push the limits on usability and security as a major advantage over current cross-chain interoperability protocols.

“We believe Orb Labs has the potential to create the new standard for messaging, token transfers, and advanced interoperation between blockchains, and we look forward to continuing to work towards our mission of unlocking the full potential of the blockchain ecosystem,” said Adjei.