*Pudgy Penguins Firm Raises $11 Million for Ethereum Layer-2 Push*$ETH

Igloo, the parent company of the popular NFT brand Pudgy Penguins, has raised over $11 million in a strategic funding round led by Peter Thiel's Founders Fund to develop a new consumer-focused Layer 2 blockchain called Abstract ¹. Here are some key points about the funding round and Abstract:

- *Funding Round*: The funding round was led by Founders Fund, with additional investments from Fenbushi Capital, 1kx, Everest Ventures Group, and Selini Capital

- *Cube Labs*: Igloo will use the funds to establish Cube Labs, a new venture that will oversee the development of Abstract

- *Testnet and Mainnet*: Abstract is currently live in testnet, and the mainnet is expected to launch near the end of the year

- *Consumer-Centric Approach*: Abstract is taking a consumer-centric approach and focusing on distribution and helping apps build real community and culture .