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Celo-Based DeFi ReSource Finance Raises $1.7 Million to Support Web3 Businesses

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Thu, 08/12/2021 - 14:00
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Vladislav Sopov
ReSource Finance concludes strategic funding round with seasoned VC firms and angel investors onboard
Celo-Based DeFi ReSource Finance Raises $1.7 Million to Support Web3 Businesses
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ReSource Finance, a decentralized credit protocol on Celo platform, has concluded its strategic funding round. With fresh funding, the project is going to change the game in the segment of lending for Web3 SMEs.

ReSource Finance raises $1.7 million for its finance dApp

According to a press release shared with U.Today, ReSource Finance has secured $1,700,000 in its strategic funding round. This funding was co-led by top-notch venture capitalists.

ReSource Finance raises $1,7M
Image via ReSource Finance

Namely, Future Perfect Ventures, NGC Ventures and ExNetwork were among the top contributors of this round. Also, Davoa Capital, BlockRock Capital, Moonwhale Ventures, Follow the Seed, Floem Capital, Flori Ventures (a Celo-focused ecosystem fund) and Tokenomik took part in fresh ReSource Finance funding.

Renowned angel investors, including Eran Haggiag (founder of ClearX), Eyal Hertzog (co-founder of Bancor Network [BNT]), Jeanne Lim (former CEO of Hanson Robotics), Noah Gale, and others supported ReSource Finance with funds.

Jalak Jobanputra of Future Perfect Ventures stressed that the mission and vision of his fund are aligned with these of ReSource Finance, as the investee is focused on creating "a more participatory, equitable and sustainable economy."

New opportunities for decentralized lending in Web3

Funds raised will fuel the next stages of progress for ReSource Finance dApp—namely, an increase in customer acquisition and the launch of new decentralized credit lines.

The ReSource Finance application strives to create a peer-to-peer decentralized lending framework for small and medium representatives of the Web3 segment.

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To accomplish this ambitious milestone, the platform harnesses the instruments of Celo, a high-performance programmable blockchain. As such, the latest funding is of paramount importance for the entire Celo ecosystem:

Xochitl Cazador, head of the ecosystem at the Celo Foundation, is excited about the platform's progress:

ReSource is redefining the DeFi mutual credit economy. Aligned with Celo’s mission of creating the conditions of prosperity for all, ReSource is leading the way in uncollateralized credit with crypto for small businesses.

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About the author

Blockchain Analyst & Writer with scientific background. 6+ years in IT-analytics, 3+ years in blockchain.

Worked in independent analysis as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)