ChainSafe Raises $18.75M in Series A Round for Web3 Development

UTC by Ibukun Ogundare · 3 min read
ChainSafe Raises $18.75M in Series A Round for Web3 Development
Photo: ChainSafe Systems

ChainSafe is planning to forge ahead in the web3 ecosystem with fresh funds from the Series A round.

Canadian web3 infrastructure firm ChainSafe has secured $18.75 million in oversubscribed Series A funding backed by several CV firms. Led by Round13, both new and existing investors contributed to the funding round. On the other hand, returning investors were Fenbushi Capital and Digital Finance Group. Meanwhile, Sfermion, Jsquare, NGC Ventures, and Haskey Capital are fresh participants. The managing partner of Round13’s Digital Asset Fund, Khaled Verjee, will also join the board of directors at ChainSafe following the Series A funding. Verjee will begin to work alongside Ethereum co-founder and ConsenSys Mesh founder Joseph Lubin. Notably, Lubin is a current board member at the Canadian company.

ChainSafe Raises $18.75 Million in Series A Round

ChainSafe is planning to forge ahead in the web3 ecosystem with fresh funds from the Series A round. The company said it would use the investment to aid its Web3 ecosystem’s adoption and sustainability growth.

ChainSafe began operations in 2017 when its founding team and an Ethereum team met up in Toronto. The parties came together to solidify their passion for open source and decentralized technology into a business. And that is why an Ethereum co-founder is on its board. Lubin stated that the Ethereum team had had a relationship with ChainSafe since the early days of decentralized protocols. He added that no other firm has been able to do a commendable job “establishing beachheads in important ecosystems and consistently making fundamental contributions.” Lubin continued:

“The people of ChainSafe combine integrity and excellence as well as any company in our ecosystem, and no organization has earned trust more broadly among its peers. This Series A enables ChainSafe to continue on its rapid growth path of strategic and synergistic protocol and product development.”

ChainSafe’s Web3.unity

One of the first products ChainSafe founded is a software development kit, web3.unity. The tool reduces complexity and connects Unity games with blockchain technologies. Web3.unity poses to be a legendary tool product for the burgeoning blockchain gaming space. Already, the blockchain gaming space is increasingly expanding beyond imagination. With its trajectory, data shows that the market will reach $2.8 billion by 2028.

In the official press release of the ChainSafe Series A funding, Verjee noted that the company had impacted the development of the entire Web3 ecosystem. He commended:

“Their research, development work, and products touch all aspects of today’s blockchain infrastructure. We look forward to having a front row seat to ChainSafe’s journey as the company brings its architecture to the forefront and makes it accessible to all.”

The company’s co-founder and CEO, Aidan Hyman, said the team is looking forward to driving the growth of the web3 space.

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Ibukun Ogundare

Ibukun is a crypto/finance writer interested in passing relevant information, using non-complex words to reach all kinds of audience. Apart from writing, she likes to see movies, cook, and explore restaurants in the city of Lagos, where she resides.

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