Stackr, a startup focused on Ethereum scaling, secures $5.5 million in funding for seed round

Stackr Labs Raises $5.5M in Seed Funding

Recently, Stackr Labs, a startup focused on Ethereum scaling, has secured $5.5 million in a seed funding round. The funding was led by Archetype, with participation from a16z Crypto Startup School, Lemniscap, Scalar Capital, and others. Additionally, several angel investors joined the round.

As the only Indian startup in a16z CSS’s 2023 batch, Stackr is part of the venture capital giant’s crypto accelerator program. This program typically invests $500,000 in participating startups in exchange for 7% equity.

It remains unclear when Stackr initiated the seed round and when it concluded; a16z Crypto first mentioned Stackr in May. Stackr founder and CEO Kautuk Kundan declined to provide further details about the fundraising timeline and the structure of the seed round.

What is Stackr?

Stackr is working on developing Ethereum scaling infrastructure specifically focusing on “micro-rollups.” These are app-specific rollups designed to assist developers in launching scalable web3 applications using web2 programming languages. The company’s modular framework will allow developers to concentrate solely on their application’s specific logic while it handles the underlying rollup infrastructure.

Kautuk, who previously worked at the Ethereum Foundation, explained that their micro-rollups differ from traditional general-purpose rollups as they resemble microservices rather than monolithic systems. Although currently focused on scaling Ethereum, Stackr is open to integrating other chains in the future.

With this new funding, Stackr plans to expand its team and launch a testnet. The startup also aims to attract more developers to build on its platform through a grant program.

Hot Take: Stackr Labs’ Impressive Seed Round

Stackr Labs’ recent $5.5 million seed funding round demonstrates significant support for its innovative approach to Ethereum scaling. With plans to expand its team and launch a testnet soon, it’s clear that this startup is poised for growth and success in the evolving crypto landscape.