Blockchain startup Instadapp ropes in $10Mn in latest funding round

Blockchain startup Instadapp ropes in $10Mn in latest funding round
  • Instadapp's INST governance tokens will soon be offered to investors in exchange for the funds
  • The company has been supported by entrepreneur investors Balaji Srinivasan and Naval Ravikant

Fintech startup Instadapp which operates in the proliferating DeFi segment has raised $10 million in its latest funding round from venture capital firm Longhash Ventures, Standard Crypto, DeFi Alliance, and Yearn founder Andre Cronje, among others.

The latest round brings the startup’s total fundraising to $12.4 million, and will see investors get Instadapp’s much anticipated INST tokens. A part of the governance token will go to investors, which is expected to be launched by June-end. These tokens permit holders to help shape the future of the Instadapps protocol.

Earlier, Instadapp was backed by Pantera Capital and Coinbase as well as entrepreneur investors Naval Ravikant and Balaji Srinivasan that are based in Silicon Valley. The company provides a smart wallet and a protocol that streamlines the management of funds and makes it easier for developers and users to build and manage their DeFi portfolios.

Instadapp allows users to manage multiple DeFi applications to maximize returns without having individual windows open. In the DeFi space, Instadapp is the 7th largest entity globally with $4.5 Billion worth of assets blocked in smart contracts.

As per its co-founder, Sowmay Jain, the startup will use the funds to hire more employees, fund projects, and ramp up product development.

In India, DeFi is swiftly growing as companies are discovering newer ways of deploying blockchain. Recently, Unbound Finance, a Delhi-based blockchain startup, raised funding worth $5.8Mn led by global VC firms like Future Perfect Ventures, Arrington XRP Capital, LedgerPrime, Pantera Capital, CMS Holdings, LD Capital, Hashed, TRGC.

The funding round witnessed the participation of founders of Enjin, Frontier, Angelist, Polygon, Harmony, Dao Maker, Kyber, DFYN, and Tomochain.

Source credit - https://inc42.com/buzz/coinbase-backed-instadapp-raises-10-mn-funding-to-tap-rising-defi-wave/