Contribution Labs Raises $3M to Advance Web3 Infrastructure

Web3-focused startup Contribution Labs has announced the successful raising of $3 million through an equity sale. The California-based startup, which is backed by blockchain developer platform pioneer Alchemy, revealed this milestone in May 2024. The funds will be used to enhance the company’s blockchain infrastructure and support its long-term growth strategy.

Contribution Labs, founded in January 2022 by former Atlassian product manager Catherine Chang and ex-Microsoft Azure blockchain engineer Kei Yoshikoshi, aims to revolutionize the Web3 landscape by developing innovative blockchain solutions. The startup has garnered significant attention due to its strong backing and the expertise of its founders, who bring a wealth of experience from leading tech companies.

The equity sale involved a Simple Agreement for Future Equity (SAFE), a modern financing instrument that allows investors to provide capital in exchange for future equity. This approach has become increasingly popular among startups looking to raise funds without immediately diluting their ownership. Contribution Labs’ successful fundraising underscores the growing investor interest in Web3 technologies and the potential for blockchain to drive the next wave of internet innovation.

Alchemy, a key supporter of Contribution Labs, is known for its extensive portfolio of blockchain products and services. The venture capital arm of Alchemy has been instrumental in fostering the growth of numerous blockchain startups. Contribution Labs’ integration with Alchemy’s ecosystem provides it with access to advanced blockchain tools and a robust support network, positioning it for sustained growth and innovation

References

Blockchain.News. (2024, May). Blockchain Startup Contribution Labs Raises $3M through Equity Sale. Retrieved from Blockchain.News