Avantis, a Base-based decentralized exchange for leverage trading, has raised $8 million in a Series A funding round co-led by Peter Thiel's Founders Fund and Pantera Capital.
Other investors in the round include Symbolic Capital, SALT Fund and Flowdesk, Avantis said Tuesday. While the round closed in mid-2024, Avantis chose to announce it now to align with the protocol's growth, Harsehaj Singh, CEO of Lumena Labs, the core contributor to Avantis, told The Block. Over the past year, the platform has expanded its offering and now ranks as the largest derivatives protocol on Base, Singh said.
The Series A was structured as equity with token warrants, Singh said, declining to disclose the post-money valuation. It brings Avantis' total funding to $12 million, including a $4 million seed round closed in September 2023.
