Raised funds will be used for further development and extensive community management ahead of the scheduled mainnet launch in Q2, 2021.
Enso Finance raises $5 million from top VCs
In accordance with a press release shared with U.Today, Enso Finance, an application designed for social trading on decentralized financial protocols, has successfully completed its private funding round.
In total, $5 million were raised from all participants. The round was co-led by Polychain Capital and Dfinity Beacon Fund while Multicoin Capital, P2P Capital, Spartan Group, Zola Global and The LAO also participated.
Along with that, some angel investors in the project also took part, namely AngelList, Synthetix, Status, Fantom, Nexus Mutual, Aave and Messari.
Spencer Applebaum, associate at Multicoin Capital, stressed the enthusiasm of VCs who decided to support Enso Finance with their funding:
We're extremely excited to back Connor, Gorazd, and the rest of the Enso team as they work to open up DeFi asset management by removing whitelists and curation, and enabling composability with all DeFi networks. While other platforms focus on either active or curated passive strategies, Enso is fully customizable and enables anyone to become a fund manager with the click of a button.
How DeFi scene meets social trading
"Social trading" is the key technology concept behind the Enso Finance business model. Its service will include a platform for interaction between traders.
Traders will be able to see each other's strategies, copy the trades of hand-picked professionals or invest in them in a decentralized manner.
Also, Enso Finance will provide huge space for composability as metastrategies become available.
Connor Howe, co-founder of Enso, outlines the revolutionary essence of this approach:
Composability is one of the unique aspects that makes DeFi magical. With Enso we're lowering the barrier to capturing composability by gathering all of the major decentralized finance platforms and making it simple to follow the best traders who use these platforms, or create novel strategies between them.