Puffer Finance Raises $18M with Brevan Howard and Electric Capital as Lead Investors

Puffer Finance, an Ethereum-based liquidity rehypothecation protocol built on EigenLayer, announced on Tuesday that it has raised $18 million in Series A funding.

According to the press release, the funding round was led by Brevan Howard Digital and Electric Capital. Other participating institutions include Coinbase Ventures, Kraken Ventures, Lemniscap, Franklin Templeton, Fidelity, Mechanism, Lightspeed Faction, Consensys, Animoca, and GSR.

The funds raised in this round will be used to help launch Puffer's mainnet. In August last year, Puffer completed a $5.5 million seed round led by Lemniscap and Lightspeed Faction. Binance Labs, the venture capital and incubation arm of Binance, also announced an investment in Puffer in January this year.

According to data from DeFiLlama, Puffer Finance has a total locked value of $1.18 billion, making it the third-largest liquidity rehypothecation protocol, trailing only ether.fi and Renzo.

Amir Forouzani, CEO of Puffer Finance, stated:

"As we approach the launch of our mainnet, our goal is to significantly reduce the barriers to entry for individual validators while providing the most advanced liquidity rehypothecation protocol. This is an important step forward for decentralized Ethereum and the wider rehypothecation ecosystem."