Portals, a platform designed to simplify decentralized finance (DeFi), has raised $2 million in a seed funding round led by Lightshift Capital. Poolside, Basement Labs, LongHash Ventures, Daedalus Angels, Mechanism Capital and angel investors including Mathieu Baril, David Dias, Rudy Kadoch and 0xMaki also participated in the round.
Portals aims to enable anyone to bundle complex DeFi actions, from staking to swapping, in a single click. The funding will be used to continue disrupting and simplifying DeFi, and expanding the Portals team.
Simão Cruz, a Founding Partner at Lightshift Capital, explained that Portals is taking a critical step towards driving widespread adoption of DeFi.
He emphasized the importance of simplifying DeFi for retail investors, who often face challenges when navigating the complex world of decentralized finance.
Cruz said that with Portals, users no longer need to worry about which type of tokens to hold, which venues to use, or which chains are involved in the transaction. Instead, users can focus solely on the assets they want to use and execute their transactions with ease in just one click.
Through its platform, Portals offers access to Web3 data from DeFi protocols, including liquidity pool and token prices, contract positions, and account balances, via an API built by Web3 natives.
The Portals API is designed to make integration as seamless as possible for any level of developer. Lightshift has contributed engineering teams to build an API integration boilerplate that any developer can use to bootstrap their integration.
Portals recently joined Poolside Accelerator’s inaugural cohort, receiving $100,000 in funding and mentorship in areas such as marketing, token economy, go-to-market and business development strategy.
The company was founded by Suhail Gangji, previously co-founder of Zapper, and Nabi Ozberkman, who has experience in DeFi as part of the OlympusDAO team. Portals will present its product during Poolside Demo Day in June.