Venture firm Framework Ventures spearheads $14 million Series A investment for Berachain's liquid staking protocol, Infrared
Infrared, a blockchain-based liquid staking protocol, has announced that it has raised $14 million in a Series A funding round. The round was led by Framework Ventures and participated in by Citizen X, Halo Capital, No Limit Holdings, NGC Ventures, and Selini Capital.
Infrared, which offers two flagship liquid staking tokens, iBGT and iBERA, has grown to become the largest protocol on Berachain with over $1.7 billion in TVL (Total Value Locked). The protocol was incubated by Berachain's Build-a-Bera program.
The co-founder of Framework Ventures has stated that they believe Infrared will simplify and increase access to Proof of Liquidity for users in the Berachain community. Framework Ventures also believes that Infrared will unlock significant amounts of productive capital within the wider Berachain ecosystem while maximizing efficiency and yield.
Some of the raised capital will be used to expand the team, including hiring a development and operations engineer and a head of DeFi APAC. The fundraising was structured as a simple agreement for future tokens (SAFTs).
Infrared raised $2.5 million in a seed round announced last year, bringing the total raised by the company to $18.75 million. Previous investments were made by YZi Labs (Binance Labs), Hack VC, and No Limit Holdings.
Despite some initial confusion, it appears that this round of funding is not directly tied to the Berachain community or its expansion plans. A search of the internet revealed no public information linking Infrared's Series A funding to Berachain's community or expansion.
Nevertheless, Infrared's growth and success on Berachain is a testament to the potential of liquid staking protocols and the broader DeFi (Decentralized Finance) space on the platform. As the company continues to expand and grow, it will be interesting to see how it contributes to the Berachain ecosystem and the wider DeFi space.
The co-founder of Framework Ventures expects that Infrared's investment in technology will democratize Proof of Liquidity within the Berachain community, enhancing access for users. With the funds raised, Infrared plans to invest in news areas such as hiring key personnel and expanding operations, while also delving into new finance opportunities like DeFi (Decentralized Finance).
