DeFi Marketplace Archimedes Raises $4.9M in Seed Round Led by Hack VC
The decentralized finance lending and borrowing platform is launching in February.
Archimedes, a decentralized finance (DeFi) lending and borrowing marketplace that is launching this month, has secured another round of funding, the company said in a statement Wednesday.
The recently closed seed-funding round of $4.9 million was led by Hack VC. It adds to $2.4 million of pre-seed funding for a total of $7.3 million in pre-launch fundraising, the Miami-based company said.
Seed-round backers included Uncorrelated Ventures, Psalion, Truffle Ventures, Cogitent Ventures, Haven VC and Palsar among others.
Archimedes said it offers leverage that multiplies a user’s original yield opportunity. Leverage takers using the platform are sent a non-fungible token (NFT) that represents a yield-generating stablecoin position that has been leveraged up to 10 times the principal collateral amount.
The company said its mission is to make capital efficient DeFi opportunities more accessible.
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