Avail Secures $27 Million in Funding Led by Peter Thiel’s Founders Fund
Blockchain technology start-up Avail announced on Monday the successful closure of its early-stage funding round, raising an impressive $27 million. The round was spearheaded by billionaire investor Peter Thiel’s Founders Fund and crypto investment firm Dragonfly Capital.
Joining the investment were notable venture capital firms SevenX, Figment, Nomad Capital, and others, according to Avail.
The resurgence in the popularity of cryptocurrencies has reignited interest in the foundational technology of the industry, namely blockchain—a digital ledger designed for recording and verifying transactions.
Even traditional finance is embracing the transparency promises of blockchain technology. In 2021, financial services firm Franklin Templeton introduced a mutual fund on a blockchain to enhance settlement processes and reduce costs.
Originally incubated in 2020 under crypto firm Polygon Labs, Avail spun off as an independent entity last year. The company’s technology empowers customers to swiftly construct their own blockchains.
Anurag Arjun and Prabal Banerjee, former Polygon executives, lead Avail. The company has not disclosed its current valuation following this funding round.
The newly secured funds are earmarked for critical areas, including product development, recruitment, and marketing, as stated by Avail co-founder Anurag Arjun.
Arjun emphasized the pivotal role of regulatory approval for spot bitcoin exchange-traded funds (ETFs) within the industry. He believes this move could raise awareness about the “cutting-edge technology” in the space, stating, “Bitcoin is a flag-bearer of the space. For it to gain some sort of legitimacy in institutional and regulatory circles, drives capital to the industry and benefits start-ups like us.”
Despite a somewhat subdued private fundraising environment, venture capital deals in the U.S. totaled $170.6 billion last year—a figure nearly 30% lower than the previous year, according to data from PitchBook.
