Saga raises $5M more in seed funding for Web3 protocol development

November 21, 2023 8:30 AM

Saga raises $5 million more in its latest round of funding.

Image Credit: Saga

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Saga, a game-focused Layer-1 protocol and developer ecosystem, has raised $5 million in a seed extension funding round.

Led by Placeholder, a premier venture capital firm specializing in decentralized protocols and Web3 services, this investment marks more progress for Saga, as this is the largest percentage stake in a pre-Layer-1 launch in Placeholder’s history.

The round saw participation from a range of notable investors, including Longhash Ventures, Com2uS, Dispersion Capital, Red Beard Ventures, Tykhe Ventures, and AVID3, among others. This infusion brings Saga’s total funding to $13.5 million, empowering the platform to expand its operations, fortify its developer community, and drive further innovation within its ecosystem.

Rebecca Liao, CEO of Saga, said in a statement, “Our vision at Saga is to unlock the potential of developers by simplifying the complexities of building in Web3. The support from Placeholder and our esteemed investors accelerates our mission, providing the integrated stack, which will enable the seamless creation of consumer apps for broad adoption.”

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Saga had a fireworks show, viewable from a yacht on the Rhine.

Saga focuses on alleviating blockspace scarcity and accessibility issues prevalent in conventional Layer-1 systems. The platform’s integrated stack addresses these challenges by offering a solution that simplifies on-demand blockspace provisioning, reducing congestion and enhancing performance.

The recent success of Saga’s incentivized testnet, Pegasus, underscored its appeal within the developer community. Within a fortnight, Pegasus garnered over 150,000 transactions and 30,000 wallets, showcasing one of the most substantial participation rates for an ITN. Saga plans to reward participants with a token airdrop based on their performance in predetermined quests during Pegasus.

Rebecca Liao is CEO of Saga.

Chris Burniske, partner at Placeholder, said in a statement, “Saga’s design, with its on-demand blockspace provisioning and advanced validator orchestration, signifies a shift towards scalable blockspace allocation akin to today’s cloud environments. With Saga’s roots in foundational technologies like Cosmos and a powerhouse team, it’s poised to lead a transformative movement within Web3.”

As Saga continues to forge strategic partnerships with key projects like Polygon, Avalanche, and Celestia, it cements its position as a pivotal player in Web3 development. The platform’s commitment to fostering collaboration and community engagement within the Saga Multiverse showcases its dedication to building a developer-friendly environment in the crypto and Web3 gaming landscape.

(Note: The airdrop mentioned in the announcement will not be available to U.S. persons or entities as per regulatory guidelines. Participation eligibility is outlined in the terms and conditions provided during the claims process.)

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