Shardeum Raises $18.2M In Seed Funding

Shardeum Raises $18.2M In Seed Funding

Blockchain startup Shardeum recently conducted its seed funding round, where it raised $18.2 million from over 50 investors. 

40% Angel Investors 

One of the co-founders of Shardeum, Nischal Shetty, penned the update for the company blog, in which he revealed that the company had especially targeted angel investors for its seed funding round. The list of investors is pretty expansive, with 40% being angels. The venture capital firms that participated include Jane Street, Big Brain Holdings, Struck Crypto, The Spartan Group, Ghaf Capital, DFG, CoinGecko Ventures, Foresight Ventures, Jsquare, Cogitent Ventures, WeMade, Veris Ventures, ZebPay, Tupix Capital, and MapleBlock Capital. Some of the noteworthy angel investors include Balaji Srinivasan, Mayur Gupta (CMO at Kraken), Michael Montero (Co-founder at Resy), Nakul Gupta (Lead PM at Coinbase NFT Marketplace & Institutional Onboarding), Ganesan Swaminathan (Co-founder at Covalent), Pankaj Gupta (VP Engineering at Coinbase), and Yele Bademosi (Co-Founder/CEO at Nestcoin)

Diverse Group Of Investors 

Shetty, who is also one of the co-founders of India’s biggest crypto exchange, WazirX, founded Shardeum in early 2022 as a multi-chain blockchain platform focused on providing scalability solutions while lowering transaction fees. 

In the update, Shetty mentioned that the funding round was conducted with the intention of expanding Shardeum and contributing to the overall Web3 ecosystem. The intention behind focusing on angel investors was to successfully onboard entrepreneurs who could act as advisors in marketing, tech, community growth, GTM strategy in various countries, tokenomics, and hiring. For example, Stuck Crypto and Big Brain have already helped with fundraising and marketing strategies. Additionally, the investors are spread globally, especially in Asia, Latin America, North America, Africa, and Europe, thus bringing forth unique geographical perspectives and expanding the Shardeum ecosystem worldwide. 

Shardeum Focused On Web3 Scalability 

Shetty also talked about the challenge of scalability in Web3 and how Shardeum is seeking to address that without compromising on decentralization and security. A portion of the funds from the seed round will be allocated towards increasing the protocol’s dynamic state sharding technology as well as ecosystem development. Funds will also be allocated toward increasing marketing efforts, research, and product and design development. 

Shetty wrote, 

“Over the next year, we’ll be actively hosting hackathons in India, US and the rest of the world with the help of volunteers, and providing a platform that incentivizes developers to build and grow the ecosystem. This fundraise is only the beginning of our journey to make Shardeum a leading L1 globally, and enable decentralization for everyone.”

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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