Saga Announces Seed Extension Raise of $5M for Accelerated Growth
CryptoSlate
20 Nov 2023 2:00 PM
San Francisco, CA, November 20th, 2023, Chainwire – Latest Round Led by Placeholder to Fuel Layer-1 Protocol with Fastest Developer Growth this Cycle Saga, a top Layer-1 protocol and developer ecosystem in web3, today announced the raise of its $5 million seed extension round led by Placeholder, a premier venture capital firm that invests in decentralized […]...
- Saga, a Layer-1 protocol and developer ecosystem in web3, has raised $5 million in a seed extension round led by Placeholder.
- The investment marks the largest percentage stake in a pre-Layer-1 launch in Placeholder's history.
- Other investors in this round include Longhash Ventures, Com2uS, Dispersion Capital, Red Beard Ventures, Tykhe Ventures, and AVID3.
- Saga plans to use the funds to expand its team, build strategic partnerships, and grow its Saga Innovator Program.
- The company has already partnered with web3 projects like Polygon, Avalanche, and Celestia.
- Saga aims to unblock developers from the high barriers of building in web3 and provide an Integrated Stack for easy creation of consumer apps.
- The company recently launched its Incentivized Testnet (ITN) named Pegasus, which saw high participation and transactions.
- Saga will be airdropping tokens to ITN participants and other community members based on performance in predetermined quests.
- The team behind Saga has roots in the early days of Cosmos and is poised to lead a major movement within web3.
The overall sentiment of the article is positive. It highlights the successful seed extension raise by Saga, the strategic partnerships, and the company's vision to empower developers in web3.