API3 concludes strategic treasury diversification round lead by DWF Labs

Api3

29 May 2024 — 1 min read

The funding round will provide API3 with additional capital to support ongoing development, marketing, & business development initiatives.

We are excited to announce that API3 has successfully concluded a strategic funding round, allocating treasury assets in exchange for 4 million USDC. The round was led by DWF Labs and co-participated by three other prominent venture capital firms: Spartan Group, Laser Digital (Nomura), and Caladan (formerly AlphaLab). Each of these participants brings strategic benefits to API3, aimed at enhancing our capabilities and market reach.

Details of the Funding Round

Total Amount Raised: 4 million USDC
Total API3 Tokens Allocated: 1,423,500 API3
Price per API3 Token: 2.81 USDC (20% discount on the 7-day TWAP of 3.51 USDC/API3)

Round Participants:

DWF Labs: 2M USDC, 711,744 API3
Spartan Group: 1M USDC, 355,872 API3
Laser Digital (Nomura): 500k USDC, 177,936 API3
Caladan (formerly AlphaLab): 500k USDC, 177,936 API3

The lockup period for the tokens is structured with a 12-month linear unlock and a 6-month cliff, meaning that 50% of the tokens will be unlocked six months after the proposal pass date with the remaining 50% will unlock linearly over the following six months.

The strategic funding round will provide API3 with additional liquid capital to support ongoing development, marketing efforts, and business development initiatives. Specifically, the funds are intended to be heavily utilized for the OEV Network’s mainnet launch, further integration of decentralized applications (dApps) and blockchain networks, and the continued development and promotion of API3 services.

This strategic raise marks a significant milestone for API3, providing the necessary capital to accelerate growth and development. We are extremely grateful for the trust and support from DWF Labs, Spartan Group, Laser Digital, and Caladan. Together, we are poised to advance our mission of redefining the oracle landscape with a fully integrated oracle stack, protecting protocols from OEV, and laying the groundwork for a global onchain financial system.

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