Saga raises $5M more in seed funding for Web3 protocol development
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Saga, a game-focused Layer-1 protocol and developer ecosystem, has raised $5 million in a seed extension funding round.
Led by Placeholder, a premier venture capital firm specializing in decentralized protocols and Web3 services, this investment marks more progress for Saga, as this is the largest percentage stake in a pre-Layer-1 launch in Placeholder’s history.
The round saw participation from a range of notable investors, including Longhash Ventures, Com2uS, Dispersion Capital, Red Beard Ventures, Tykhe Ventures, and AVID3, among others. This infusion brings Saga’s total funding to $13.5 million, empowering the platform to expand its operations, fortify its developer community, and drive further innovation within its ecosystem.
Rebecca Liao, CEO of Saga, said in a statement, “Our vision at Saga is to unlock the potential of developers by simplifying the complexities of building in Web3. The support from Placeholder and our esteemed investors accelerates our mission, providing the integrated stack, which will enable the seamless creation of consumer apps for broad adoption.”
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Saga focuses on alleviating blockspace scarcity and accessibility issues prevalent in conventional Layer-1 systems. The platform’s integrated stack addresses these challenges by offering a solution that simplifies on-demand blockspace provisioning, reducing congestion and enhancing performance.
The recent success of Saga’s incentivized testnet,
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