Tim Draper leads $2.5 million funding round for crypto startup Ark Labs

FILE PHOTO: Representations of cryptocurrency Bitcoin are seen in this illustration picture taken in Paris, France, March 9, 2024. REUTERS/Benoit Tessier/Illustration/File Photo

(Reuters) - Ark Labs, a three-month old startup developing solutions to speed up bitcoin transactions and lower costs, has raised $2.5 million in a pre-seed funding round led by billionaire investor Tim Draper.

Besides venture capital firm Draper Associates, Fulgur Ventures, Axiom Capital and angel investor Stephen Cole also participated in the round, the startup said on Thursday.