Near Foundation Launches Nuffle Labs with 13M in Funding

NEAR Foundation Spins off Nuffle Labs, Secures $13M in Funding


Tanzeel Akhtar
Published:
June 13, 2024 10:00 EDT
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1 min read


The NEAR Foundation, the Swiss non-profit organization behind the NEAR Protocol, has unveiled a new suite of modular products under the name Nuffle Labs, with a successful fundraising round of $13 million.
Leading the funding round was venture capital firm Electric Capital, with additional support from a grant provided by the NEAR Foundation itself for Nuffle Labs. Notable participants in the investment round include angel investors Dovey Wan from Primitive Ventures and Sandeep Nailwal from Polygon, along with Canonical Crypto, Fabric Ventures, Robot Ventures, Caladan, Lyrik Ventures, and others.
The NEAR Foundation confirmed that the funds will be utilized to enhance the modular infrastructure of Nuffle Labs to pave the way for the next generation of high-performance rollups and decentralized innovation within the ecosystem.
“We are excited about the tremendous potential to expand and enhance NEAR’s modular product offerings through Nuffle Labs,” stated Altan Tutar, CEO of Nuffle Labs.
“We are proud to support the growth of Nuffle Labs as an independent entity within the NEAR ecosystem,” commented 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-performing solutions to Web3 projects. We anticipate continued collaboration with the NEAR Foundation as they grow and evolve,” Polosukhin added.
VC Funding Booms in 2024
In February, Electric Capital spearheaded 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 Web3, gaming, artificial intelligence, and the crypto space has seen a surge 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 significantly increased since Q4 2023, as reported by Ruholamin Haqshanas from Cryptonews based on data collected by crypto analysis platform Crypto Koryo.