The funding will support the company's mission to bring Facebook's Move Virtual Machine to Ethereum, addressing smart contract vulnerabilities and enhancing transaction throughput.

The investment round saw participation from prominent venture capital firms including Hack VC, Placeholder, Archetype, Maven 11, Robot Ventures, Figment Capital, Nomad Capital, Bankless Ventures, OKX Ventures, dao5, and Aptos Labs, demonstrating strong industry confidence in the Movement ecosystem.

Co-founders, Rushi Manche and Cooper Scanlon, early builders in the Move ecosystem, founded Movement Labs in 2022 as the first integrated blockchain network, powering the fastest and most secure Layer 2 on Ethereum. Designed to pair smart contract security and parallelization with EVM liquidity and user bases, Movement is bringing the MoveVM to Ethereum through its flagship L2 and connected rollups with the Move Stack.