Nuffle Labs Secures $13 Million to Boost NEAR’s Modular Network

Nuffle Labs, a spin-off from the NEAR Foundation, has successfully raised $13 million in its latest funding round. This marks a significant step for the platform, formerly known as NEAR Modular, as it embarks on enhancing the NEAR protocol’s modular capabilities.

Strategic Spin-Off Focused on Modular Network Solutions

Emerging from its origins within the NEAR Foundation and Pagoda, Nuffle Labs aims to drive growth in the modular ecosystem by providing essential solutions to rollups. The entity is powered by the original developers behind the NEAR Data Availability Layer (NEAR DA) and the NEAR Fast Finality Layer (NFFL).

Significant Financial Backing

The $13 million capital injection includes a strategic grant from the NEAR Foundation and investments from prominent venture capital firms. The funding round was spearheaded by Electric Capital, with additional contributions from Canonical Crypto, Robot Ventures, Fabric Ventures, Caladan, and Lyrik Ventures. Renowned angel investors such as Sam Kazemain of Frax Protocol, Sandeep Nailwal of Polygon, and Sreeram Kannan of Eigenlayer also participated.

Avichal Garg, General Partner at Electric Capital, expressed strong support, stating, “We are excited to back Nuffle Labs, the builders behind NEAR DA and NFFL. With their foundational expertise, Nuffle Labs is well-positioned to advance modular solutions, making intra- and interchain transactions efficient, fast, and secure.”

Future Directions and Leadership

Under the leadership of CEO Altan Tutar, along with co-founders Sam Wang, Firat Sertgoz, and Donovan Dall, Nuffle Labs will utilize the funds to further develop NEAR’s modular products. The company plans to expand its team and invest heavily in research and development to propel both NEAR DA and NFFL forward.

Tutar highlighted the growth potential of the spin-out, noting that the new phase will allow Nuffle Labs to scale NEAR’s modular offerings effectively.