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Quick take:
The latest fundraising brings the total raised to $6 million following a seed round announced in December.
The fundraising was closed at a flat token value of $100 million.
The company sold 400 million tokens (200 million each to VCs and through Echo) accounting for 4% of its yet-to-launch $HOME token.
DeFi.app has raised $4 million in an extended seed round split across two factions. The VC faction which raised $2 million was led by Mechanism Capital, with participation from DCF Capital Partners, Balaji Srinivasan and Pentoshi. The remaining $2 million was raised via Echo’s Comfy Capital and George Beall’s groups, DeFi.app co-founder Dan Greer told The Block.
The company is building a Web3 super app that abstracts all the complexities of interacting with digital assets, enabling them to swap, earn, leverage and lend different cryptocurrencies within the app.
The latest fundraising was closed at a $100 million flat token value and brings the total raised to $6 million. DeFi.app previously raised $2 million in a seed round announced in December.
According to the announcement, DeFi.app sold 400 million tokens (200 million each to VCs and through Echo) accounting for a total of 4% of its yet-to-launch $HOME token. The November seed round also saw the company sell 2% (200 million) tokens of the planned total supply.
Commenting on his company’s plans, Greer likened DeFi.app’s awaited launch to the iPhone moment that DeFi has been waiting for, highlighting the discrepancy between the number of people who use centralised exchanges to those who use DeFi apps.
“DeFi has been waiting for its iPhone moment,” Greer said. “Over 631 million people use centralized exchanges, but fewer than 2% have tried DeFi. We’re changing that by making decentralized finance as easy as using your phone.”
The app is currently available in public beta for both mobile and desktop platforms and features “gasless” cross-chain token swaps, asset management via keyless self-custody wallets and crypto purchases using cards.
The company’s HOME token is expected to launch in Q2 with a majority of the tokens already allocated to the community.
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