Saga Boosts Growth with $5M Seed Extension Funding

Saga Boosts Growth with $5M Seed Extension Funding

Latest Saga Seed Round Led by Placeholder

Announced by Saga, a leading Layer-1 protocol and developer ecosystem in web3, the completion of its $5 million seed extension round is being touted as the fastest developer growth for a Layer-1 protocol. Placeholder, a prominent venture capital firm in decentralized protocols and web3 services, led the investment raising Saga’s total funding to $13.5 million, the largest percentage stake in a pre-Layer-1 launch in the firm’s history. The latest round also included investors like Longhash Ventures, Com2uS, and others.

Plans and Partnerships for Future Growth

Saga plans to expand its team, community, and ecosystem through strategic partnerships and growing its Saga Innovator Program. With nearly 300 Innovator projects building on its protocol, the company anticipates a surge when the Saga Mainnet launches in early 2024. Saga has already formed partnerships with Polygon, Avalanche, and Celestia, positioning itself as a leader in web3 development.

“Saga’s vision is to unblock developers from the high barriers to successfully building in web3,” said Rebecca Liao, Co-founder and CEO of Saga.

Saga is dedicated to making blockspace abundant and accessible, with an Integrated Stack aimed at simplifying the creation of consumer apps for broad adoption, solving problems associated with monolithic L1 blockspace. With the recent launch of its Incentivized Testnet (ITN) named Pegasus, Saga logged a high number of transactions and wallets alongside a strong community engagement, setting the stage for an upcoming token airdrop to participants and an enthusiastic community.

“We expect blockchain architectures in the coming years to be much more reminiscent of cloud architectures, with Saga purpose-built to help usher in that future,” said Chris Burniske, Partner at Placeholder.

In its mission to create the developer environment of the future, Saga aims to bring leading web3 projects, developers, and creators together in the Saga Multiverse through strategic partnerships, encouraging collaboration among its ecosystem and community. With its focus on offering a high-performance, gasless, interoperable, and customizable chain called Chainlets, Saga developers can experience limitless performance and scalability aided by fast bridging to other ecosystems via fast transaction finality on Chainlets

About Saga

Saga, a leading developer ecosystem in crypto and web3 gaming, is creating the developer environment of the future, allowing creators to build where blockspace is at its most plentiful and simple. Founded in 2022, it has garnered early seed investments from noteworthy firms and plans to continue its growth trajectory. For the latest updates, visit its website, litepaper, and developer documentation, and follow Saga on social media.

Hot Take: Saga’s Vision for Web3

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Saga’s substantial seed extension round, led by Placeholder, represents a significant contributor to the platform’s rapid developer growth. With plans for a mainnet launch in 2024 and a solid roster of strategic partnerships, Saga aims to lead the charge in web3 development. Its Integrated Stack and purpose-built architecture set the stage for a future reminiscent of cloud architectures, poised to drive significant growth within web3.

Saga Boosts Growth with $5M Seed Extension Funding
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