Solana-based Grape Network project raises $1.2m

October 4, 2021

Solana-based Grape Network project raises $1.2m

Solana-based blockchain project Grape Network, which develops tools to create DAOs, has raised $1.2m in a seed funding round. It was announced by The Block.

The round was led by Multicoin Capital with participation from SkyVision Capital, Definitive Capital, LongHash Ventures, Double Peak Group and Solana Capital.

Grape Network had previously raised $600,000 through IDO on the Raydium platform. The tokensale caused Solana's blockchain to shut down for approximately 17 hours - the network could not withstand the overload due to the influx of a large number of participating bots.

The project has also raised seed funding through token sales, said Grape Network's core member Dean Pappas.

The capital is planned to be used to expand the protocol team from the current 10 people.

"Demand for our toolkit has exceeded expectations and we need to double the size of the team to meet it and continue to evolve in line with our roadmap," Pappas said.

The protocol is currently focused on serving the Solana ecosystem. Projects using its tools include Sabre Labs, Degen Ape Academy and SolanaMonkeyBusiness.

As a reminder, the volume of venture capital financing in the crypto-industry reached a record $6.2 billion at the end of the second quarter.

According to PricewaterhouseCoopers, major venture capital players are starting to take the lead in investing.

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