Botanix Labs raises $8.5 million in a seed funding round led by Polychain Capital, Placeholder Capital, Valor Equity Partners and ABCDE to build a Bitcoin-native DeFi ecosystem
May 07, 2024•over 1 year ago
Amount Raised
$8.5 Million
Round Type
seed
Investors
Eric WallBlocmatesXbto VenturesUtxo ManagementCuriosity CapitalEdessa CapitalDomo (Creator Of The Brc 20 Token Standard)Walt SmithDavis (A.K.A., “Karbon Based”)Crypto IsoIcebergyJebusDovey WanAltcoin SherpaCharlie SpearsThe Crypto DogDan HeldFiskantesAndrew KangAbcdeValor Equity PartnersPlaceholder CapitalPolychain Capital
Description
Botanix Labs raised $8.5 million in a seed funding round from Polychain Capital, Placeholder Capital, Valor Equity Partners, and ABCDE, as well as from several angel investors, to build a Bitcoin-native DeFi ecosystem. The funds will be used to build the Spiderchain, a Bitcoin-native Layer 2 primitive with full Ethereum Virtual Machine equivalence, and to grow the company's team for product development.
Funding Insights
Based on industry dataVC-backed spending patterns
VC-backed companies spend 89% more on sales and 100% more on marketing than bootstrapped peers