- Gelato has secured additional millions in funding.
- The platform said it will use the funds to build an advanced RaaS platform.
- Gelato’s founder compared the platform’s potential to Amazon’s AWS.
Gelato’s total funding has eclipsed $23 million following a Series A+ round led by Hack VC, the project announced on Monday.
Founded in 2019, Gelato is an Ethereum Rollup-as-a-Service (RaaS) platform on a mission to revolutionize Web3 development with “fully serviced” Layer 2 chains. The platform said over 50 projects relied on its service to process 4.5 million daily transactions and secure over $600 million in total value locked (TVL).
Gelato’s Latest Funding
According to the official press release, Gelato raised $11 million in the Hack VC-led funding round, which attracted participation from notable crypto investor groups, including Animoca Brands, Bloccelerate VC, IOSG Ventures, and others.
Sponsored
The latest round brought Gelato’s total funding to $23.2 million. The project initially secured $1.2 million in seed funding from IOSG Ventures and Galaxy Digital before raising $11 million in a Series A token sale round led by Dragonfly Capital.
Gelato said it will use the boosted funding to build Web3’s “most advanced” RaaS platform and power the growing wave of rollups on its platform, including crypto exchange Kraken’s newly unveiled Ink Layer 2 blockchain.
“The idea that a single blockchain can scale to support all future on-chain applications is outdated. Instead, we envision a future with millions of interconnected chains, each scaling its onchain apps independently. Just like Web2 Server Applications are deployed on AWS, Web3 Rollup Applications are deploying on Gelato,” Gelato founder Hilmar Orth stated.
Per the statement, Gelato supports a vast ecosystem of over 500 applications, including decentralized finance (DeFi) heavyweights like Sky, Aave, and Infinex.
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