August 22, 2024
SatLayer, a platform for Bitcoin restaking built on the Babylon protocol, has secured $8 million in a pre-seed funding round. The round was co-led by Hack VC and Castle Island Ventures, with participation from Franklin Templeton, OKX Ventures, Mirana Ventures, Amber Group, Big Brain Holdings, CMS Holdings, and others. Additional angel investors from companies like aPriori, Custodia Bank, LayerZero, Manta Network, Magic Eden, Sui, and Pendle also contributed.
Project | Latest Raise | Latest Raise Date | Stage | Lead Investor | Category |
SatLayer | $8M | August 22, 2024 | Pre-Seed Round | Hack VC, Castle Island Ventures | Restaking |
Co-founder Luke Xie mentioned that the initial goal was to raise $4 million, but due to high interest, the round was oversubscribed within a month, reaching $8 million. There was potential for up to $16 million in seed capital from interested parties. Xie highlighted the strong interest in using Bitcoin as a core collateral asset to secure decentralized applications and infrastructure, enhancing overall ecosystem security.
The funding round was structured as a simple agreement for future equity (SAFE) with token warrants, though Xie did not disclose the startup’s valuation.
About SatLayer
SatLayer is a platform that enhances the security of decentralized applications using Bitcoin. Built on the Babylon protocol, it focuses on using Bitcoin as collateral to secure various blockchain projects.
Website: https://satlayer.xyz/
About Investor
The round was co-led by Hack VC and Castle Island Ventures, with participation from Franklin Templeton, OKX Ventures, Mirana Ventures, Amber Group, Big Brain Holdings, CMS Holdings, and others. Additional angel investors from companies like aPriori, Custodia Bank, LayerZero, Manta Network, Magic Eden, Sui, and Pendle also contributed.
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