June 24, 2024
Infrared Finance, a Berachain liquid staking protocol, as secured an investment of an undisclosed amount from Binance Labs, the venture capital and incubation branch of the cryptocurrency exchange Binance, which is valued at $10 billion.
Project | Latest Raise Date | Stage | Total Raise | Lead Investor | Category |
|---|---|---|---|---|---|
Infrared | June 24, 2024 | Seed | $112M | Binance Labs | DeFi |
Raito Bear, the pseudonymous co-founder and CEO of Infrared, said that Binance Labs became the only investor in a strategic funding round for Infrared earlier this month. This marks the first time Binance Labs has invested in the Berachain ecosystem.
Bear stated that the strategic funding round was organized as a Simple Agreement for Future Tokens (SAFT). Infrared had previously garnered $2.5 million in a seed funding round from various investors including NGC Ventures, Tribe Capital, Shima Capital, and Signum Capital, among others. This seed round was also set up as a SAFT, according to Bear. However, he chose not to disclose the total amount of funds raised so far or the company's current valuation.
About Infrared
Infrared, established last year, was among the initial projects under the "Build-A-Bera" initiative of the Berachain Foundation. Berachain is a Layer 1 blockchain compatible with the Ethereum Virtual Machine (EVM) and its mainnet is yet to be launched. Berachain has successfully raised a total of $112 million in funding and enjoys the support of prominent investors such as Brevan Howard, Polychain Capital, and Framework Ventures.
Infrared is in the process of developing two liquid staking tokens, namely iBGT and iBERA. These are intended for Berachain's two primary tokens: BGT, which is the governance token, and BERA, the gas token, respectively.
Website: https://infrared.finance/
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About Investor
Investor: Binance Labs
Binance Labs is the venture capital and incubator arm of Binance, a leading cryptocurrency exchange. With a portfolio worth over $10 billion, Binance Labs is dedicated to identifying, investing in, and empowering viable blockchain entrepreneurs, startups, and communities. It provides financing to industry projects that help grow the wider blockchain ecosystem.
Binance Labs is committed to supporting fast-executing, technical teams who positively impact the crypto space and build the decentralized web. Its portfolio covers 250 projects from over 25 countries across six continents and has a return-on-investment rate of over 14X2. Fifty of Binance Labs’ portfolio companies are projects that have gone through their incubation programs.
The mission of Binance Labs is to empower the decentralized web. It promotes a larger blockchain and provides financial leverage for potential projects in the cryptocurrency industry. Through its investments and support, Binance Labs is playing a crucial role in accelerating the blockchain industry.
Location: Hong Kong, Hong Kong
Website: https://labs.binance.com/
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