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

near-foundations-spin-off-nuffle-labs-raises-13-million
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NEAR Foundation’s spin-off Nuffle Labs raises $13 million

The NEAR Foundation has announced that new spin-off platform Nuffle Labs, formerly NEAR Modular, has secured $13 million in funding.

Nuffle Labs is spinning out from NEAR Foundation and Pagoda, with the new venture set to focus on improving NEAR’s modular network.

The entity is a product of the core team of developers that build the NEAR Data Availability Layer (NEAR DA) and the NEAR Fast Finality Layer (NFFL).

Nuffle Labs to focus on NEAR’s modular solutions

As it spins out to focus on growth within the modular ecosystem, the focus will be providing key modular solutions to rollups. Nuffle Labs has raised $13 million in funding toward this goal.

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

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

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

“We are excited to back Nuffle Labs, the builders behind NEAR DA and the NEAR Fast Finality Layer (NFFL). As the core team that developed these products from the ground up, Nuffle Labs has the expertise to advance these modular solutions, creating a world where intra- and interchain transactions are cheap, fast, and secure,” Avichal Garg, general partner at Electric Capital, said in a statement.

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

Altan Tutar, CEO of Nuffle Labs, said that the project’s co-founders are excited at the opportunity that spinning out offers. The funding will help the team “grow and develop NEAR’s modular products” , he noted.

Nuffle Labs’s other co-founders are Sam Wang, Firat Sertgoz, and Donovan Dall.