diff --git a/protocols/matrix.md b/protocols/matrix.md
index e1a94b0..a6e3e68 100644
--- a/protocols/matrix.md
+++ b/protocols/matrix.md
@@ -64,7 +64,7 @@ All Matrix APIs are protected behind GDPR consent flows. Users can specify histo
 
 ### Monetization & Governance
 
-Matrix is governed by [The Matrix.org Foundation CIC](https://matrix.org/foundation) (a UK non-profit foundation), with the largest contributor being [New Vector](https://vector.im), a startup formed by the original Matrix dev team, which raised $8.5M series A in October 2019. Income primarily comes from contracts with governments and large clients. The Matrix standard evolves under the stewardship of a Spec Core Team that manages contributions.
+Matrix is governed by [The Matrix.org Foundation CIC](https://matrix.org/foundation) (a UK non-profit foundation), with the largest contributor being [Element](https://vector.im) (previously called New Vector), a startup formed by the original Matrix dev team, has raised a total of $18M. Income primarily comes from contracts with governments and large clients. The Matrix standard evolves under the stewardship of a Spec Core Team that manages contributions.
 
 ### Interoperability