Following the tremendous success of their Seed Round in early 2023, Portals, the DeFi protocol aggregator simplifying Web3 by consolidating DeFi actions, has announced the successful close of their Seed Extension, securing $500K. This Seed Extension builds on their recent $2M Seed Round funding (led by Lightshift Capital), further bolstering their financial footing and allowing the team to accelerate the creation of a DeFi experience that is user-friendly, efficient, and comprehensive.
Participants in the Seed Extension include Bankless Ventures, Digital Currency Group, and Founderheads. Their contributions signal a deep trust in the Portals vision, team, and achievements thus far.
Founderheads general founder, Sarunas Legeckas, had this to say on the successful Seed Extension:
“We are thrilled to be a part of Portals’ journey towards the goal of improving the DeFi experience. With full confidence, we believe this will be a significant advancement in the world of Web3. Furthermore, considering the team’s capabilities, given their exceptional track record, ensures that this project will be a tremendous success.”
Portals co-founder Suhail Gangji emphasized the enthusiasm for the project as the driving force behind the Seed Extension and its success:
“As our Seed Round drew to a close, we took note of the many calls for additional opportunities to back our vision of One-Click DeFi. It’s no secret that DeFi has a UX problem in desperate need of a solution; that truth resonated and this Seed Extension is a testament to that. The additional capital allows us to build faster as we unravel the intricacies of tokens, protocols, and chains for a broader audience. Navigating DeFi should be as easy as we can make it.”
- Bundling of complex, multi-step actions, such as swapping interest-bearing, liquidity pool, vault, and other exotic assets in one-click.
- Staking to earn yield from over 20,000 supported opportunities, with new platforms frequently added to the list.
- Access to Web3 data from DeFi protocols, including liquidity pool and token prices, contract positions, account balances, and more through the Build On Portals API.
Portals is a platform that simplifies Web3 by enabling anyone to easily bundle complex DeFi actions. It was founded by Suhail Gangji, who previously co-founded Zapper, and Nabi Ozberkman, who has extensive experience in DeFi as part of the OlympusDAO team. The company plans to use the $2.5M in Seed Round & Seed Extension funding to accelerate product development and expand the team as they continue to simplify DeFi and make it accessible to everyone.
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