Quick take:
- Saga has announced a $5 million funding led by Placeholder.
- Longhash Ventures, Com2uS, Dispersion Capital, Red Beard Ventures, Tykhe Ventures and AVID3 also joined the round.
- The company will use the funds to expand its team and accelerate the development of its layer-1 protocol.
Saga has completed a $5 million funding round led by Placeholder. The layer-1 protocol and ecosystem developer has now raised $13.5 million in total. The extended seed round also attracted participation from Longhash Ventures, Com2uS, Dispersion Capital, Red Beard Ventures, Tykhe Ventures and AVID3, among others.
Placeholder, a venture capital firm that invests in decentralized protocols and web3 services said this investment is the largest percentage stake it has ever made in a pre-Layer-1 launch.
According to the announcement, Saga will use the funds to continue growing its team and building its community and ecosystem through strategic partnerships and its Innovator Program. The company already boasts 295 projects building on its protocol and anticipates over 300 when the Saga Mainnet launches in early 2024.
The protocol also boasts partnerships with some of the leading Web3 companies including Polygon, Avalanche and Celestia, positioning itself strategically for accelerated growth.
Commenting on the announcement, Rebecca Liao, Co-founder and CEO of Saga said the company’s vision is to remove the barriers to successfully building in Web3.
“We’re thrilled to have Placeholder lead this round, as they, along with our other amazing investors, are helping to empower and accelerate our support of projects with the Integrated Stack – what developers have been waiting for to easily create consumer apps for broad adoption,” Liao said.
The announcement comes on the heels of Saga’s launch of Pegasus, its Incentivized Testnet (ITN), which after only two weeks, has logged over 150,000 transactions and opened 30,000 wallets, the company said in a press release on Monday.
Chris Burniske, Partner at Placeholder commented: “We expect blockchain architectures in the coming years to be much more reminiscent of cloud architectures, with Saga purpose-built to help usher in that future.”
“On-demand blockspace provisioning, paired with cutting-edge validator orchestration, sets Saga up to provide blockspace as it’s needed in a horizontal, scale-out fashion akin to the cloud environments of today.”
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