Quick take:
- The Series A round brings the total raised to $18.75 million, following previous investments from YZi Labs (Binance Labs), Hack VC and No Limit Holdings.
- All Infrared fundraisings to date have been structured as simple agreements for future tokens (SAFTs), co-founder and CEO Raito Bear told The Block.
- The company plans to use some of the capital to expand its team, including hiring a development and operations engineer and a head of DeFi APAC.
Berachain-based liquid stalking protocol, Infrared has raised $14 million in a Series A round led by Framework Ventures. The fundraising also attracted participation from Citizen X, Halo Capital, No Limit Holdings, NGC Ventures and Selini Capital, according to an announcement on Tuesday.
The round was structured as a simple agreement for future tokens (SAFTs), and brings the total raised to $18.75 million, co-founder and CEO Raito Bear told The Block. This follows a strategic investment announced in June that was entirely funded by YZi Labs (formerly Binance Labs) and further investments from Hack VC and No Limit Holdings, all totalling $2.25 million. The company also raised $2.5 million in a seed round announced last year.
Incubated by Berachain’s Build-a-Bera program, Infrared has grown to become the largest protocol on Berachain with over $1.7 billion in TVL, according to DeFiLlama data. The platform offers two flagship liquid staking tokens, including iBGT and iBERA.
Commenting on his firm’s leading role in the token round, co-founder of Framework Ventures, said in a statement: “We believe Infrared will play a major role in simplifying and increasing access to Proof of Liquidity for users in the Berachain community,” adding that the protocol will “unlock significant amounts of productive capital within the wider Berachain ecosystem while maximizing efficiency and yield.”
According to the announcement, Infrared plans to use the fresh capital to expand its team, including hiring a development and operations engineer and a head of DeFi for the Asia Pacific region.
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