Fjord Raises $4.3M to Connect Early-Stage Web3 Projects with Engaged Backers
Oslo, Norway, March 13th, 2024, Chainwire
Fjord, the community-focused platform that connects innovative projects with dedicated backers, has announced the successful closure of its $4.3 million seed round. The oversubscribed round was led by Lemniscap, with participation from Mechanism Cap and Zee Prime Cap, Castle Capital as well as renowned angels such as Crypto Kaduna, Fomosaurus, Joshua Rager, Kieran Warwick and Danny Wilson from Illuvium, Robin Davids, JohnnyZCash, DannyCrypt, ChadGaff, among many others.
The closure of this funding round comes as Fjord prepares to announce all inclusive chain aggregation and the launch of its native utility token FJO. Additionally, Fjord will be unveiling new features, announcing support for additional chains, and introducing significant UI improvements throughout 2024, in addition to new launch types.
Fjord provides a purpose built environment for early-stage ideas to thrive, bringing project teams and individual backers together. The platform is democratising access to early-stage opportunities for its expanding community of backers while enabling projects to seamlessly bootstrap liquidity. Underpinned by the principles of fairness and transparency, Fjord offers a host of token sale methods, including its Liquidity Bootstrapping Pools (LBPs), which prioritise equitable distribution, mitigating the risk of whale manipulation and bots. Fjord’s unique high-to-low pricing mechanism empowers the community to dictate the fair market value, ensuring equal entry points.
Since launching in September 2021, Fjord has supported open and transparent LBPs and token sale events, broadening accessibility of early opportunities for all. To date, Fjord has helped teams raise over $880 million, setting a new benchmark in the space. The recent launch of Fjord V2, currently in beta since late December 2023, has already facilitated over $95 million in launches. Some of the biggest launches Fjord has facilitated include Merit Circle, RSS3 and Autonolas as well as very successful recent raises for Shutter Network, Vector Finance, Inscribe and Ordibank.
Andy Hayes, CEO at Fjord Foundry said: “This funding round underscores the community’s confidence in our mission and further cements our status as the premier platform specialising in Liquidity Bootstrapping Pools (LBPs) and token launches. The involvement of numerous highly respected investors and angels is a powerful endorsement of our future growth trajectory, and we extend our sincere thanks to our backers for believing so vehemently in our vision.”
Shaishav Todi, General Partner at Lemniscap, said: “We’re delighted to have led this seed round for Fjord, a platform that is transforming liquidity generation and digital token distribution. Whether you’re an early-stage project in search of funding or an industry stakeholder keen to support emerging high-potential crypto communities, the Fjord ecosystem is brimming with opportunities. As the Web3 market kicks into high gear, Fjord’s rapid and transparent LBP launch process will play a pivotal role in helping projects accelerate their development and grow their communities.”
About Fjord
Fjord Foundry is a community-focused platform that specialises in connecting innovative projects with engaged backers. Built upon the principles of fairness and transparency, Fjord offers a variety of token sale methods, including its most popular and well-renowned method—Liquidity Bootstrapping Pools (LBPs). Fjord’s mission is to democratise access to early-stage opportunities for our community of backers while providing projects the means to bootstrap liquidity in a seamless and straightforward manner.
About Lemniscap
Lemniscap is an investment firm specializing in investments in emerging crypto assets and blockchain startups. Since its founding in 2017, Lemniscap has funded multiple investments in the crypto blockchain space, on the core belief that blockchain technology will upend traditional business models, resulting in profound changes in the world economy. The Lemniscap team consists of talented people with backgrounds in financial markets, PE/VC, technology and entrepreneurship. For more information, visit https://lemniscap.com/.