Nuffle Labs a spinoff of Near Foundation secures 13M in funding

NEAR Foundation’s Nuffle Labs Secures $13M in Funding
The NEAR Foundation, the Swiss not-for-profit organization behind the NEAR Protocol, has unveiled a new suite of products under the banner of Nuffle Labs, with a successful funding round of $13 million.
Leading the funding round was venture capital firm Electric Capital, with the NEAR Foundation also contributing a grant towards Nuffle Labs. Additional investors included angel investors Dovey Wan from Primitive Ventures and Sandeep Nailwal from Polygon, as well as Canonical Crypto, Fabric Ventures, Robot Ventures, Caladan, Lyrik Ventures, and others.
The investment will be utilized by Nuffle Labs to enhance its modular infrastructure in order to build the next generation of high-performance rollups and foster decentralized innovation within its ecosystem.
“We are excited about the opportunity to expand and enhance NEAR’s modular product offerings at Nuffle Labs,” said Altan Tutar, CEO of Nuffle Labs.
“We are proud to support the growth of Nuffle Labs as an independent entity within the NEAR ecosystem,” stated Illia Polosukhin, co-founder of NEAR Protocol and CEO of NEAR Foundation.
“These exceptional co-founders have developed top-notch modular products that highlight the best of NEAR’s technology, including NEAR DA and the NEAR Fast Finality Layer, offering cost-effective and high-performance solutions to projects in Web3. We anticipate ongoing collaboration with the NEAR Foundation as they continue to grow and evolve,” Polosukhin added.
VC Funding on the Rise in 2024
In a separate development earlier this year, Electric Capital led a seed funding round for crypto wallet provider Fordefi, raising $10 million to bring its institutional-grade crypto wallet to retail platforms.
Venture capital funding in the Web3, gaming, artificial intelligence, and crypto sectors has seen a significant uptick in the first quarter of 2024, breaking a two-year decline. Both the total investment amount and the number of projects receiving VC funding have surged since Q4 2023, according to data from crypto analysis platform Crypto Koryo, as reported by Ruholamin Haqshanas from Cryptonews.