PANews reported on May 24 that according to The Block, Plume Network, a Layer 2 network focusing on real-world assets (RWA) on-chain, raised $10 million in a seed round led by Haun Ventures. Other investors included Galaxy Ventures, Superscrypt, A Capital, SV Angel, Portal Ventures, and Reciprocal Ventures.
Plume Network co-founder and CEO Chris Yin said that the company started negotiations with investors in April and eventually raised four times more funds than planned and closed the financing earlier this month. Plume Network previously raised $1.6 million through a simple agreement for future equity (SAFE) and token warrant round of financing, which ended with $2 million in the round, part of the $10 million seed round announced today.
Plume Network is a modular Layer 2 network compatible with the Ethereum Virtual Machine (EVM), which aims to bring multiple asset classes on-chain in compliance with regulations through efficient and secure blockchain technology. Currently, Plume is in a private testnet, with more than 80 RWA and DeFi projects built on its network, including collectibles, alternative assets, synthetic assets, luxury goods, real estate, lending protocols, and perpetual decentralized exchanges.
Plume Network plans to launch a public incentivized testnet in the coming weeks and launch the mainnet later this year. The funding will be used to expand the team, especially in engineering, marketing and community functions.
