July 23, 2024
Igloo, the parent firm of the well-known NFT brand Pudgy Penguins, has successfully raised over $11 million in a strategic financing round. This round was spearheaded by Peter Thiel's Founders Fund and is aimed at developing a new consumer-centric Layer 2 blockchain named Abstract.
Project | Latest Raise | Latest Raise Date | Stage | Lead Investor | Category |
|---|---|---|---|---|---|
Igloo | $11M | July 23, 2024 | Strategic Round | Peter Thiel’s Founders Fund | NFT |
The funding round also saw participation from other investors such as Fenbushi Capital, 1kx, Everest Ventures Group, and Selini Capital, as announced by Igloo on Tuesday. The funds will be utilized to establish Cube Labs, a new initiative under Igloo, which will supervise and contribute to the development of the Abstract Layer 2 blockchain.
Abstract, which is nurtured under the non-profit Abstract Foundation, is a joint invention of Michael Lee, former senior vice president at Ethereum Layer 2 network ZKsync developer Matter Labs; Luca Netz, CEO of Pudgy Penguins and Igloo; and Lorenzo Melendez, president of Pudgy Penguins and Igloo and former CTO of Pudgy Penguins. The development team of Abstract includes renowned crypto Twitter personalities Cygaar, 0xbeans, and Stinkypablo. Cygaar also holds the position of CTO at Cube Labs, while Lee serves as the CEO of Cube Labs.
About Igloo
Igloo Inc. is a company with a mission to create the largest onchain community, driving the consumer crypto revolution. They are the parent company of the popular NFT brand, Pudgy Penguins. Recently, they raised over $11 million in funding led by Founders Fund to contribute to the development of Abstract, a new consumer-focused blockchain. This strategic funding will accelerate the development of Abstract, a blockchain designed to power consumer apps.
Igloo Inc. was formed to create an end-to-end ecosystem for new people to come into crypto by pushing the boundaries of onchain experiences. Within Igloo, Inc., Pudgy Penguins operates as the leading NFT brand.
Website: https://www.igloo.inc/
About Investor
Investor: Peter Thiel’s Founders Fund
Peter Thiel’s Founders Fund is a venture capital firm co-founded by entrepreneur and investor Peter Thiel, along with Ken Howery and Luke Nosek, in early 2005. The firm raised its first fund of $50 million from individual entrepreneurs and angel investors in January of that year1. Thiel, known for co-founding PayPal and making the first outside investment in Facebook, remains actively involved in Founders Fund. The firm has made significant investments in promising companies, including Stripe and SpaceX, both of which are among the most valuable unicorns globally.
Location: San Francisco
Website: https://foundersfund.com/
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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