Blockchain Firm Figment Raises $2.5M in Funding Round Led by Bonfire Ventures

Oct 29, 2020 at 13:06 UTCUpdated Oct 29, 2020 at 15:01 UTC.Canada-based blockchain infrastructure provider Figment has completed another multi-million dollar funding round.

Announced Thursday, the startup said it raised $2.5 million in an additional funding round led by Bonfire Ventures with participation from FJ Labs, XDL Capital Group and BKCM, among others.

"This new round of capital will enable Figment to continue to invest in our best-in-class blockchain staking, governance and developer tools," Figment's CEO Lorien Gabel said in a statement.

The funding follows a pre-seed round of $1 million in 2018 and a seed round in 2019 bringing in $1.5 million, also with participation from Bonfire, XDL and FJ Labs.Gabel said the company believes in an internet where people control and profit from their own data, rather than "Large data monopolies and governments" - an objective Figment is working to achieve.

The company provides infrastructure and tools for networks such as Cosmos, Polkadot, Celo and Skale, as well as offering what it calls "Institutional grade" staking services on over 30 blockchains.