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The team will use the fresh capital flow to develop their product, expand the team, and intensify marketing efforts.
Avail, a blockchain technology start-up, announced on Monday that it had successfully raised $27 million in an early-stage funding round, as reported by Reuters. The round was led by Founders Fund, the venture capital firm founded by billionaire Peter Thiel, and Dragonfly Capital, a notable investor in the cryptocurrency sector. Additional support came from venture capital entities including SevenX, Figment, Nomad Capital, among others.
“Bitcoin is a flag-bearer of the space. For it to gain some sort of legitimacy in institutional and regulatory circles, drives capital to the industry and benefits start-ups like us,” Avail co-founder Anurag Arjun remarked, highlighting the broader implications of regulatory advancements for blockchain technology innovators.
The resurgence of interest in crypto has spurred a renewed focus on blockchain technology, which serves as the infrastructure of this industry and is being implemented by traditional players. Notably, Franklin Templeton, a significant financial services firm, integrated blockchain into its operations by launching a mutual fund on this platform last year, aiming to streamline the settlement process and reduce costs.
Originating within Polygon Labs in 2020 and later becoming an independent entity, Avail specializes in enabling clients to swiftly establish their blockchain operations. The team includes former Polygon executives Anurag Arjun and Prabal Banerjee, though the company has not disclosed its valuation following this latest funding round.
The newly acquired funds will be allocated to various areas including product development, expansion of the team, and marketing efforts, as stated by Arjun to Reuters. He also emphasized the potential impact of regulatory approvals for spot Bitcoin exchange-traded funds (ETFs) on the industry, suggesting that such developments could enhance legitimacy and attract further investment into the blockchain and crypto.
With this early-stage funding round, the total amount of capital deployed in crypto startups surpasses $99 billion, with over 4,900 funding rounds, according to data from DefiLlama.
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