Greenbrae, CA — September 21, 2021 — Decentralized finance (DeFi) platform developer SundaeSwap Labs announced today that it has raised $1.3 million in a seed round led by cFund, an early-stage sector-agnostic venture capital firm in the blockchain industry that is anchored by Cardano founding entity IOG and managed by Wave Financial. SundaeSwap Labs is a software company contributing to the development of a suite of products that enables the trading and utilization of cryptocurrency on the Cardano blockchain — currently the world’s third-largest cryptocurrency by market capitalization.
At the heart of SundaeSwap Labs’ suite of products is its decentralized exchange (DEX), which will initially provide an automated market maker (AMM) to control liquidity for the exchange of assets on Cardano. The funding will allow SundaeSwap to accelerate development of the DEX, continue testing on the platform, and refine the user experience in advance of its anticipated launch.
The capital will also allow SundaeSwap to accelerate the development of additional functionalities for the DEX, finish scoping out the company’s broader plans for DeFi on Cardano, and build out the organization’s capabilities to support these plans and features.
“The recent introduction of smart contracts to the Cardano blockchain has created a significant opportunity for the DeFi community on Cardano,” said Mateen Motavaf, Chief Executive Officer of SundaeSwap Labs. “cFund’s investment is an endorsement of the work our team has done to build a sustainable, long-term business designed to provide the Cardano community with the tools and services it needs to create value and fully realize its vision of enabling economic empowerment for those who need it most.”
“Our mandate is to bring world-changing ideas and solutions on the Cardano blockchain to market faster,” said David Roebuck, of Wave Financial who runs the day-to-day of cFund. “We do this by finding ambitious founders who have solid business ideas and the skills to turn those ideas into reality. The SundaeSwap team is developing a platform that is well-positioned to become a market leader, and we’re pleased to be able to help them reach their goals through this investment.”
cFund was joined by Alameda Research and Double Peak Group in this venture round.
“We made a commitment to our community early-on that if we took any private capital, it would be from partners who can provide significant value above and beyond the book value of the deal,” added Motavaf. “The team of investors that cFund is leading not only meets that promise, but exceeds it, and together they will bring an incredible amount of value not only to us, but to the entire Cardano ecosystem.”
SundaeSwap Labs develops decentralized finance (DeFi) platforms that enable economic empowerment for all. At the heart of its development efforts is the SundaeSwap DEX, a decentralized exchange where Cardano-based peer-to-peer transactions can be conducted quickly, safely and inexpensively. The SundaeSwap DEX allows participants in the Cardano blockchain to provide liquidity and create a market for others to exchange their native tokens. In return, swappers pay a small fee and liquidity providers earn a return on their deposit. Cardano is a third-generation blockchain noted for its transactional efficiency, relatively low environmental footprint and peer-reviewed secure technology. SundaeSwap Labs is a Wyoming corporation.
SundaeSwap’s website: https://sundaeswap.finance/
Anchored by IOG/Charles Hoskinson and managed by Wave Financial, an SEC- registered investment advisor with ~$1 billion of AUM, cFund is an early-stage, sector agnostic early-stage venture fund that invests in innovative technology companies building Cardano-based apps, services, and products or deploying on other IOG R&D initiatives. The purpose of the fund is to accelerate adoption/development of the Cardano blockchain and its ecosystem.
cFund’s website: https://cfund.vc/
Wave Financial’s website: https://wavegp.com/