Angular Finance Raises $1.8 Million in Seed Round
The Composable Labs team is delighted to announce that it has completed the Angular Finance seed funding round, raising $1.8 million at a $25 million valuation with participation from Figment, BigBrain Holdings, 0xVentures, HashCIB, Illusionist Group, Hailstone Ventures, a41, Stacker Ventures, Autonomy Ventures, Rarestone Capital, as well as amazing angels. Composable Labs is developing and running Angular and is excited to bring the next generation of cross-chain lending markets to Dotsama through Picasso.
Angular is a cross-chain money market set to enable the permissionless creation of isolated pools for any mainstream, niche, or unique asset part of Composable Finance’s ecosystem. This includes assets from DotSama, EVM, and Cosmos chains. Angular will also offer leverage as a service, liquidation as a service, flash loans, and unique capabilities such as the option to provide NFTs and fNFTs as collateral, among other functionalities.
As a pallet on the Picasso parachain, Angular will permit developers to build on top of the base layer to craft custom money markets. The team at Composable Labs, comprising researchers, developers and engineers, will use this seed funding to ramp up the development of Angular’s infrastructure. Composable Labs has recently expanded the Angular team to meet development goals and the industry's needs wherein it operates as it positions Angular to become the go-to cross-chain money market for DotSama.
Kevin, CTO of Composable Labs, commented on the fundraising, saying:
“We are harnessing the capabilities of Picasso’s base layer primitives to build the cross-chain lending market that Angular is from the ground up. Angular’s mission to expand streams of yield for DeFi users has received a boost with the latest seed funding round. The raised funds will help us further develop the intricacies of Angular’s offerings and hire like-minded individuals to add to our esteemed team.”
0xbrainjar, Composable’s Founder and CEO, is at the helm of the development of trailblazing innovations at Composable. He commented:
“The successful seed funding round for Angular marks another step towards accomplishing our ecosystem-agnostic mission for Composable in the DeFi and Web3.0 space. Angular is one of the most important primitives on Picasso, powering money market and leverage services. The raised capital will help us develop novel technologies for Angular and hire the brightest minds to help us achieve our goals.”
Angular is at the forefront of delivering vital cross-chain money market services for DotSama, which developers could further explore to build innovative leverage platforms. This positions the protocol with extensive use cases such as leverage-as-a service and creating novel solutions for fixed yield assets.