NEAR Foundation’s spin-off Nuffle Labs raises $13 million

NEAR Foundation announced $13 million in funding for new spin-off platform Nuffle Labs, formerly known as NEAR Modular.

Nuffle Labs consists of NEAR Foundation and Pagoda, and the new initiative focuses on developing NEAR’s modular network.

The asset is a product of the core team of developers who created the NEAR Data Availability Layer (NEAR DA) and NEAR Fast Finality Layer (NFFL).

Nuffle Labs will focus on NEAR’s modular solutions

As we begin to focus on growth within the modular ecosystem, the focus will be on providing significant modular solutions to aggregates. Nuffle Labs raised $13 million towards this goal.

The capital injection includes a strategic grant from the NEAR Foundation, as well as significant investments from external organizations led by venture capital firm Electric Capital.

Canonical Crypto, Robot Ventures, Fabric Ventures, Caladan and Lyrik Ventures also participated in the funding round.

Meanwhile, NEAR Foundation revealed in a blog post that Frax Protocol’s Sam Kazemain, Polygon’s Sandeep Nailwal, and Eigenlayer’s Sreeram Kannan are some of the notable angel investors backing the startup.

“We are excited to support Nuffle Labs, the developers behind NEAR DA and NEAR Fast Finality Layer (NFFL). As the core team that developed these products from scratch, Nuffle Labs has the expertise to develop these modular solutions to create a world where on-chain and cross-chain transactions are cheap, fast and secure,” Avichal Garg, general partner at Electric Capital, said in a statement.

Nuffle Labs will leverage funding and other resources to develop both NEAR DA and NFFL. The platform will also expand its team and invest in R&D.

Nuffle Labs CEO Altan Tutar said that the co-founders of the project are excited about the opportunity to reveal the proposals. The funding will help the team “grow and improve NEAR’s modular products,” he said.

Other co-founders of Nuffle Labs are Sam Wang, Fırat Sertgöz and Donovan Dall.