Root Protocol Raises $10 Million in Funding, Achieves a Valuation of $100 Million!

Root Protocol, a cutting-edge Web3 identity platform, has announced the successful completion of a significant funding round, raising an impressive $10 million. This seed stage funding, which was divided into two rounds, has propelled the platform’s overall valuation to an impressive $100 million within the digital aggregator space. The funds raised will be used to accelerate the development of a groundbreaking ‘one-step’ digital identity, providing users with effortless access to Web3 platforms.

Notable investors, including Animoca Brands, have played a crucial role in this substantial funding round, contributing a noteworthy $2.5 million in the second leg of the seed funding. Other prominent investors, such as Signum Capital, CMS Holdings, and Ankr Network, as well as distinguished angel investors like DAO5 founder Tekin Salimi and former CoinShares Chief Strategy Officer Meltem Demirors, have also joined the initiative.

Despite the challenging market conditions of the past 18 months, which saw a significant decline in Web3 investments from $12.14 billion to $2.34 billion, Root Protocol has managed to defy this trend and achieve remarkable success. The platform’s resilience and innovation have allowed it to overcome the obstacles faced by many projects during bear markets. Reflecting on this achievement, a spokesperson for Root Protocol stated, “Securing $10 million was a significant accomplishment for a Web3 project, especially considering the challenges that many projects faced during bear markets.”

Tags: funding