Bryan Pellegrino co-founded LayerZero Labs in 2021 with Ryan Zarick and Caleb Banister. The company is based in Vancouver.
Blockchains cannot talk to each other natively. The early fix was the bridge, which locked assets on one chain and minted copies on another, and bridges were a repeated target for hackers. LayerZero built a lighter messaging layer that developers could plug into their own applications.
In March 2022 LayerZero raised $135 million at a $1 billion valuation, with Andreessen Horowitz, Sequoia and FTX Ventures among the investors. In April 2023 it raised a $120 million Series B at a $3 billion valuation.
A $55 million investment came in May 2025, and a strategic round of undisclosed size followed in February 2026. Total funding was at least $310 million through 2025.