June 13, 2024
The NEAR Foundation has initiated an independent organization known as Nuffle Labs, which has successfully raised $13 million in strategic funding. Nuffle Labs is responsible for the development of NEAR’s Data Availability Layer (NEAR DA), the NEAR Fast Finality Layer (NFFL), and other components within the NEAR modular product suite. The company’s funding was sourced from a strategic grant provided by the NEAR Foundation and an investment led by Electric Capital, as stated in a press release.
Project | Latest Raise | Latest Raise Date | Stage | Total Raise | Lead Investor | Category |
|---|---|---|---|---|---|---|
Nuffle Labs | $13M | June 13, 2024 | Funding Round | $13M | Electric Capital | Layer 1 |
Further financial support was received from Canonical Crypto, Fabric Ventures, Robot Ventures, Caladan, Lyrik Ventures, and several angel investors. These include Jordi Alexander from Selini, Bowen Wang from NEAR, Sreeram Kannan from EigenLayer, Sam Kazemian from Frax, and Sandeep Nailwal from Polygon.
Nuffle Labs, now operating as an independent organization, is poised to make swift decisions to maintain the competitiveness of NEAR Modular products, according to a company announcement. With its strategic location amidst the NEAR Foundation, Ethereum, and EigenLayer ecosystems, Nuffle Labs plans to draw upon the advantages of various platforms to boost efficiency and robustness within the NEAR ecosystem.
About Nuffle Labs
Nuffle Labs is an independent entity launched by the NEAR Foundation. It has secured $13 million in strategic funding to advance modular blockchain design, support Ethereum’s rollup-centric future, and build a decentralized community.
The company is responsible for developing NEAR’s Data Availability Layer (NEAR DA) and the NEAR Fast Finality Layer (NFFL). These products are part of the NEAR modular product suite, which aims to bring more decentralized development to the ecosystem. The funding for Nuffle Labs included a grant from the NEAR Foundation and an external investment led by Electric Capital.
Website: https://nuff.tech/
X Account: https://x.com/nufflelabs
X Followers today: 2,035
About Investor
Investor: Electric Capital
Electric Capital is a venture capital firm that focuses on accelerating disruptive innovations in the crypto and Web3 sectors. The team at Electric Capital has collectively started eight companies, shipped products for billions of users, run billion-dollar business units, invested in over 100 technology startups with a cumulative market cap of over $50B, and traded billions in derivatives.
The firm invests in both liquid and illiquid tokens that are emerging stores of value and rooted in novel technology. They have a deep understanding of community governance, token economics, cryptography, and distributed systems. Electric Capital invests in cryptocurrencies, blockchain-based businesses, fintech companies, and marketplaces.
Their portfolio includes investments in the next generation of iconic founders in crypto and Web3. They have also released a developer report, providing insights and updates on the crypto ecosystem. Electric Capital is led by a team of technology entrepreneurs, engineers, and successful investors.
Location: Upper Marlboro, MD
Website: https://www.electriccapital.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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