According to ChainCatcher, Solana ecosystem re-staking protocol Solayer has completed a $12 million seed round of financing, led by Polychain Capital, with participation from Big Brain Holdings, Hack VC, Nomad Capital, Race Capital, ABCDE, and Arthur Hayes family office Maelstrom. The post-investment valuation reached $80 million.
Co-founder Rachel Chu revealed that the round of financing closed in May and was structured as a simple agreement for future equity (SAFE) plus token warrants. The new financing will be used to expand the team, integrate new protocols and prepare for the second phase of the platform. The project plans to hire more employees in functions such as growth, institutional partners and engineering. Solayer also plans to launch its native token in the future, which is currently "under design."
Earlier this month, Binance Labs said it had invested in Solayer as part of the same $12 million seed round. Last month, Solayer also announced a Pre-Seed round of undisclosed size from angel investors including Solana co-founder Anatoly Yakovenko and Polygon co-founder Sandeep Nailwal.
