[Funding alert] Blockchain developer tool provider Biconomy raises $1.5M in seed round led by Eden Block
Blockchain transaction platform Biconomy on Monday said it has raised a seed funding of $1.5 million led by research-led European VC Eden Block.
Other investors including Fenbushi Capital, Binance, DACM, Outlier Ventures, Zee Prime Capital, Woodstock Capital, MiH Ventures, while angel investors like Meher Roy (Co-founder of Epicenter and Chorus One), James Simpson (CEO of mStable), Marwan Alzarouni (CEO of Dubai Blockchain Center) also participated in this round.
According to official statement, this funding will be used by Biconomy to strengthen and grow its team, accelerate product and business development, and launch Biconomy V2.
Speaking about the new development, Ahmed Al-Balaghi, Co-Founder and CEO at Biconomy said,
“The ways in which users pay and use blockchain applications needs a complete overhaul. Netflix does not charge its users a fee every time they watch a video, so why should decentralised applications (dApps) charge users a gas fee for every interaction? This is the vital difference between a web2 application and an over-complicated web3 one.”
Founded by Aniket Jindal, Ahmed Al-Balaghi, and Sachin Tomar in March 2019, Biconomy aims to make the adoption of dApps as simple as that of conventional apps. As a blockchain infrastructure provider, Biconomy helps developers build simpler decentralised apps (dApps) to increase crypto's mass adoption.
It pays the gas fee on behalf of the developer through its transaction relayers, which enable contracts to be paid for by cryptocurrency Ethereum. The dApp developer, in turn, pays Biconomy via Ethereum or other payment modes, for the app being used by their users.
Commenting on the investment, Lior Messika, Founder and Managing Partner at Eden Block added,
"The Biconomy team have set out to solve some of the most important issues faced by crypto networks on the way to mass-adoption. The closing of their seed round will enable the team to scale their products and deepen their impact. We are incredibly proud to be supporting Ahmed and his talented team so early in their journey."
Edited by Saheli Sen Gupta