Ethereum block-building company Eureka Labs has completed $6.7 million in seed funding, aimed at expanding its new block construction method called 'programmable block'. Eureka Labs announced on Tuesday that this round of financing was led by Spark Capital and Collider Ventures, with participation from institutions such as Varrock Ventures, Node Capital, Reverie, Very Early Ventures, Atka, Synergis, and Masterkey, as well as angel investor Scott Keto, president of CoinList. Nir Magenheim, co-founder and CEO of Eureka Labs, told The Block that this round of financing was completed in two phases, with $4.7 million completed in April 2025, and Spark Capital set to add $2 million in June 2025. Magenheim stated that this round of financing adopted a Simple Agreement for Future Equity (SAFE) structure, along with token warrants. Eureka Labs' public disclosure of funding information marks the company's official end to its stealth mode. He declined to disclose the company's valuation. According to Magenheim, Avishay Ovadia, founding partner of Collider Ventures, has joined the board of Eureka as part of this round of financing. Eureka Labs was established in December 2024 and, according to data from Rated Network, has developed into the fourth largest block builder on Ethereum based on the number of blocks constructed. However, its market share is about 1.5%, as the top three Ethereum block builders, Titan Builder, BuilderNet, and Quasar Builder, occupy nearly 96% of the market share.
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