August 27, 2024
Solayer Labs, the creator of the Solana restaking protocol Solayer, has secured $12 million in seed funding, with Polychain Capital leading the round. Other participants included Big Brain Holdings, Hack VC, Nomad Capital, Race Capital, ABCDE, and Arthur Hayes’ family office Maelstrom, as announced on Tuesday.
Project | Latest Raise | Latest Raise Date | Stage | Lead Investor | Category |
|---|---|---|---|---|---|
Solayer | $12M | August 27, 2024 | Seed Round | Polychain Capital | Restaking |
The funding round, which concluded in May, was structured as a simple agreement for future equity (SAFE) with token warrants, according to co-founder Rachel Chu. This round valued Solayer at $80 million.
Additionally, Binance Labs recently invested in Solayer as part of the same $12 million seed round. Last month, Solayer also received pre-seed funding from angel investors, including Solana co-founder Anatoly Yakovenko and Polygon co-founder Sandeep Nailwal.
With new funding secured, Solayer aims to grow its team, incorporate new protocols, and get ready for the second phase of its platform.
Currently, eight people are working at the San Francisco-based company, but they plan to hire more staff for roles in growth, institutional partnerships, and engineering, according to co-founder Rachel Chu. Additionally, Solayer is working on launching its native token, which is currently in the design phase.
About Solayer
Solayer is a platform that enhances the security of the Solana blockchain by using a shared validator network. This network allows different protocols to share economic security, making the system more robust. Solayer focuses on improving the scalability and efficiency of Solana, enabling faster and more secure transactions.
Website: https://solayer.org/
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About Investor
Investor: Polychain Capital
Polychain Capital is an American investment firm based in San Francisco, California. Founded in 2016 by Olaf Carlson-Wee, the company focuses on investments related to cryptocurrency and blockchain technology. Polychain manages actively managed portfolios of blockchain-based digital assets, leveraging software to create, issue, and transmit these assets. Notable investors in Polychain include Andreessen Horowitz, Sequoia Capital, Union Square Ventures, and Founders Fund. The firm has invested in companies such as Coinbase, Kik Messenger, and Tezos. While they considered an initial public offering (IPO) in 2018, they ultimately decided not to proceed. Polychain’s assets fluctuated significantly due to market dynamics, but their focus remains on innovative projects within the crypto space.
Location: San Francisco
Website: https://polychain.capital/
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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