Saddle, a VC-backed AMM platform, raises $7.5 million in a latest funding round led by Polychain and Electric Capital.
The funding round also got participation from eGirl Capital, Nascent, and other investors.
The project earlier raised $4.3 million from leading crypto venture capital firms, including PolyChain Capital Framework Ventures, Electric Capital, Coinbase Ventures, Dragonfly Capital, Alameda Research, Divergence Ventures, and Nascent.
With the new funding, Saddle total fundraise is now $11.8 million.
What is Saddle?
Founded in 2020, Saddle is a decentralized AMM on the Ethereum blockchain, optimized for trading pegged value crypto assets with minimal slippage. Saddle enables cheap, efficient, swift, and low-slippage swaps for traders and high-yield pools for LPs. It is the first open-source automated market maker (AMM) optimized for trading between pegged value crypto assets.
In January 2021, Saddle platform went live allowing users to deposit, withdraw, swap, and provide liquidity on the AMM platform.
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Niraj Pant, General Partner of Polychain, said:
“Partnering with founders who are building the future is at the core of what we do. Saddle’s team is mission-driven and the vision is big – from decreasing slippage between asset swaps to providing liquidity into Saddle pools. Fundraising for an AMM requires partners who are mission-aligned and share a vision for the future of the industry, which is why we’re especially excited to partner with Saddle on this investment.”
Saddle is committed to open-source software and collaboration to fulfil the promise of DeFi and financial Lego blocks, and the Saddle protocol is audited and secured by leading blockchain security firms like Certik, Quantstamp, and OpenZeppelin.
Sunil Srivatsa, Founder of Saddle, said:
“This investment will enable Saddle to continue advancing its offerings that allow pegged value crypto assets to achieve efficiency, profitability, and growth. With this funding, we plan to expand our team, help bring low-slippage stablecoins to every chain in DeFi, position Saddle to better serve a multi-chain future, and invest in the Saddle community and creator metaverse.”
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Saddle is developed by DeFi natives with prior years of developer experience at Web2 companies like Uber, Amazon, and Square.
It is an easy to use platform. One can use Saddle with just an internet connection and a ERC-20 compatible wallet like Metamask.