August 13, 2024
Essential, a developer of Ethereum's Layer 2 blockchain with a focus on "intent-centric" design, has successfully raised $11 million in a Series A funding round. The round was spearheaded by Archetype.
The funding round also saw participation from other investors such as IOSG Ventures, the Spartan Group, Mirana Ventures, Amber Group, Maven 11, and Big Brain Holdings, as announced by Essential on Tuesday. Additionally, undisclosed angel investors from firms like Celestia, Hashflow, LI.FI, Sorella, and others also contributed to the round.
Project | Latest Raise | Latest Raise Date | Stage | Total Raise | Lead Investor | Category |
|---|---|---|---|---|---|---|
Essential | $11M | August 13, 2024 | Series A | $16.5M | Archetype | Layer 2 |
The fundraising for the Series A round started earlier this year and concluded in June, as shared by Liesl Eichholz, the co-founder and CEO of Essential, with The Block. Eichholz mentioned that the round was structured as equity with token warrants, but chose not to disclose the valuation.
With the conclusion of the Series A round, Essential's total funding now stands at $16.15 million. This includes the $5.15 million that was raised as seed funding in the previous September.
About Essential
Essential is a blockchain-based startup that is working on the development of an Ethereum Layer 2 network, which operates as an Optimistic rollup. This network is unique in its "intent-centric" or declarative design. Contrary to the conventional transaction-based model used by most blockchains, where users need to provide specific instructions, Essential uses an intent-based model where users simply state their desired result. As a Layer 2 solution, Essential processes user intents off-chain with the help of "specialized solvers", aiming to streamline the process. This method is designed to enhance the user experience, lessen the load on the main chain, and boost scalability.
Website: https://essential.builders/
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About Investor
Investor: Archetype
Archetype is an early-stage venture fund that is committed to propelling the decentralized future. They invest in the next generation of crypto founders who are not only disrupting the existing norms but also creating entirely new markets. Their team, with its diverse experience, provides comprehensive support to these innovative builders and dedicated founders, aiding them in their journey from inception to success. They are based in SoHo, Manhattan, NYC.
Location: New York
Website: https://archetype.fund/
A central focus of investor activity in the cryptocurrency space is the evaluation of new crypto projects to invest in, particularly those with huge potential. This blog provides insight into what new ventures are benefiting from venture capital support (VC funding in crypto). These new crypto projects, funded by professional investors, can dictate the next narrative in crypto and the next big crypto movers.
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