San Francisco, CA, November 20th, 2023, Chainwire
Saga Receives Seed Funding Round from Placeholder
Saga announced the raise of its $5 million seed extension round led by Placeholder, a venture capital firm investing in decentralized protocols and web3 services. Additional investors include Longhash Ventures, Com2uS, Dispersion Capital, Red Beard Ventures, Tykhe Ventures, and AVID3. The total amount raised by Saga is now $13.5 million.
“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 will work on expanding its team of technologists and building its community via partnerships and the Saga Innovator Program. It has 295 Innovator projects building on its protocol and expects over 300 when the Saga Mainnet launches in early 2024. Saga has partnerships with projects including Polygon, Avalanche, and Celestia.
“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
Saga launched its Incentivized Testnet (ITN), named Pegasus, which logged over 150,000 transactions and opened 30,000 wallets in two weeks. It plans to airdrop tokens to Pegasus participants.
Saga’s Integrated Stack
Saga’s Integrated Stack is expected to disrupt web3 for developers by providing on-demand blockspace provisioning and fast transaction finality on Chainlets. The protocol offers automated, high-performance, gasless, interoperable, and customizable chains.
About Saga
Saga was founded in 2022 and recognized as a leading development ecosystem in crypto and web3 gaming. It offers a developer environment of the future where creators can build easily. The protocol’s early seed investors include Placeholder, Maven11, Longhash, Samsung, Com2uS, and Polygon. Saga has furthered its presence by bringing typically the best ecosystems into its Saga Multiverse through strategic partnerships.
Hot Take: Saga’s Vision and Impact
Saga is leading the way in web3 development with support from investors and innovators. The protocol is focused on empowering developers and ensuring the abundant and simple access to blockspace.