Solana’s Apricot Finance Raises $4M in ‘Party’ Funding Round

Solana’s Apricot Finance Raises $4M in ‘Party’ Funding Round

Decentralized finance (DeFi) lending protocol Apricot Finance has completed a $4 million funding round with participation coming from the likes of Lemniscap, and Delphi Ventures, among others.

  • A spokesperson told CoinDesk on Wednesday the funding was more akin to a "party round" where multiple investors had participated.
  • Solana Capital, Advanced Blockchain AG, Skyvision Capital, Ledger Prime, Valhalla Capital, MXC, Gate, a41 Ventures and several others participated.
  • The $4 million follows on from a previous raise of $800,000 in June.
  • Apricot said it intends to use its newly raised capital to support the roll-out of its initial flagship services.
  • Apricot is a budding DeFi money market platform built on the Solana network and its flagship services will aim to provide cross-margin leveraged yield farming and an automated self-deleveraging mechanism, the spokesperson said.
  • This year, Solana has attracted a bevy of new investment to the platform either directly or via projects being built atop it. In June, the leading firm behind the network raised $314 million.
  • Apricot's testnet launch is scheduled for next week while a mainnet launch is expected in September.
  • Source