Quick take:
- The fundraising also attracted participation from Animoca Brands, IOSG Ventures and Bloccelerate VC.
- The company’s enterprise-grade rollup platform allows startups to launch highly scalable blockchains.
- Kraken’s newly unveiled Layer 2 blockchain, Ink is among the Web3 companies that are building blockchains powered by Gelato.
Gelato, a Web3 cloud platform for building enterprise-grade rollups has secured an $11 million Series A round led by Hack VC. The fundraising also attracted participation from Animoca Brands, IOSG Ventures and Bloccelerate VC.
The company plans to use the fresh capital to expand its team and service as it enhances support for more enterprise-grade rollups.
Gelato allows startups to launch their own blockchains and has already onboarded Kraken’s newly unveiled blockchain Ink, which is scheduled for a mainnet launch in early 2025, The Block reported.
Ink follows an emerging trend of crypto exchange platforms that have decided to build their own blockchains, forming an interoperable superchain network powered by Optimism’s OP Stack.
Coinabse was among the first to launch its own blockchain with Base and more recently, Uniswap’s UniChain and OKX’s X Layer are also part of the Superchain.
Gelato aims to bring to decentralised applications what Amazon Web Services does to web2 service providers, enabling developers to build highly scalable Web3 apps and ecosystems with ease.
Commenting on the fundraising, Hilmar Orth, founder of Gelato said: “The idea that a single blockchain can scale to support all future on-chain applications is outdated. Instead, we envision a future with millions of interconnected chains, each scaling their on-chain apps independently.”
“Just like web2 server applications are deployed on AWS, web3 roll-up applications are deploying on Gelato,” he said.
Hack VC Managing Partner Ed Roman commented: “We are excited to join this funding round. We believe rollups are essential for scaling web3, and we share Gelato’s vision of a future built on millions of rollups.”
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