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Near Foundation Spins out Nuffle Labs and Raising $13M Funding

The NEAR Foundation, the Swiss not-for-profit organization behind the NEAR Protocol, has recently unveiled a new suite of modular products under the banner of Nuffle Labs, securing $13 million in funding.

This funding round was spearheaded by Electric Capital, a venture capital firm, with additional support from the NEAR Foundation through a grant allocated to Nuffle Labs. Angel investors Dovey Wan from Primitive Ventures and Sandeep Nailwal from Polygon also participated in the funding, alongside Canonical Crypto, Fabric Ventures, Robot Ventures, Caladan, Lyrik Ventures, and others.

The NEAR Foundation intends to utilize the investment to enhance the modular infrastructure of Nuffle Labs, paving the way for the development of the next generation of high-performance rollups and fostering decentralized innovation within the ecosystem.

Altan Tutar, CEO of Nuffle Labs, expressed enthusiasm about the prospects for growth and development within NEAR’s modular product offerings at Nuffle Labs.

Illia Polosukhin, co-founder of NEAR Protocol and CEO of NEAR Foundation, voiced support for Nuffle Labs’ independent growth within the NEAR ecosystem. He commended the co-founders for their exceptional modularity products, which leverage NEAR’s technology to deliver cost-effective and high-performance solutions across Web3. Polosukhin expressed eagerness for continued collaboration with the NEAR Foundation as Nuffle Labs expands and evolves.

VC Funding Surges 2024

In February, Electrical Capital spearheaded a seed funding round for the crypto wallet provider Fordefi, securing a total of $10 million. The funding was earmarked to facilitate the integration of its institutional-grade crypto wallet into retail platforms.

Venture capital investment in the realms of Web3, gaming, artificial intelligence, and cryptocurrency experienced a notable upswing in the first quarter of 2024, breaking a downward trend that had persisted for two years.

Data compiled by crypto analysis platform Crypto Koryo, as cited by Ruholamin Haqshanas, reveals significant increases both in the total investment amount and the number of projects receiving VC funding compared to the fourth quarter of 2023.

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