Decentralized finance (DeFi) aggregator Furucombo has raised $1.85 million in seed funding.
The round was backed by SevenX Ventures, Defiance Capital, 1kx, Multicoin Capital, and Aave founder Stani Kulechov, among others. With fresh capital at hand, Furucombo looks to expand its team and launch version 2 of its platform.
As a DeFi aggregator, Furucombo connects different DeFi protocols, such as Uniswap, Compound, and Aave, in one place. Projects like 1inch and Yearn Finance also provide aggregation platforms, but Furucombo is different from both, CEO Hsuan-Ting Chu told The Block.
1inch only aggregates decentralized exchanges, while Furucombo aggregates all kinds of DeFi protocols, said Chu. As for Yearn Finance, he said, the protocol requires writing smart contracts to build a yield farming strategy. With Furucombo, everything is "permissionless."
"With Yearn Finance's yVault, you need to know how to communicate with the community, get their votes on your strategy, and wait for some engineer to help you with smart contract building on your strategy. Our strategies are not smart contracts, which means more secure and more efficient...no vote needed, no coding skill needed," said Chu.
Furucombo went live in March 2020 and is looking to add more DeFi protocols and features in the near future. To that end, the project plans to double its team of 12 to around 24 in the coming months, said Chu.