Igloo, Inc. Raises $11M+ from Founders Fund to Contribute to New Consumer-Focused Blockchain Abstract

News provided by

Jul 23, 2024, 11:30 ET

Strategic funding will accelerate the development of Abstract, a blockchain designed to power consumer apps

MIAMI, July 23, 2024 /PRNewswire/ -- Igloo, Inc. ("Igloo"), Pudgy Penguins' parent company, today announced the closing of over $11 million in funding led by Founders Fund with additional investments from Fenbushi Capital, 1kx, Everest Ventures Group, and Selini Capital.

Igloo will use the strategic financing to establish Cube Labs, a new venture under the Igloo banner, to lead blockchain research and technology development. Cube Labs will oversee and contribute to the development of Abstract, a new consumer-focused blockchain designed to drive the mass adoption of crypto. Incubated under the not-for-profit Abstract Foundation, Abstract – soon to be in testnet – is built to lead the consumer crypto revolution by bringing billions of people onchain for the first time.

"Abstract will open up a new world of possibilities for crypto-native developers and global brands – in turn creating the dominant crypto consumer platform," said Michael Lee, Abstract co-inventor and CEO of Cube Labs, a veteran technology and web3 executive who previously led growth for ZKsync and launched games to Activision Blizzard's 400+ million players. "We are at the beginning of a new era where blockchain technology will reinvent the idea of digital ownership and seamlessly integrate into our daily lives, enhancing how we live, work, connect, and play."

"Pudgy Penguins has the best 0 to 1 distribution edge we've seen in the crypto space. Instead of paying massive amounts to acquire users, they acquire them organically through the Pudgy brand. They're leveraging this to grow Abstract, a consumer L2 focused on making onchain experiences mainstream. By building for users first, and allowing companies and brands to better interface with their consumers, Abstract is well-positioned to onboard the masses to crypto," said Joey Krug, Partner at Founders Fund. "Abstract is built for everyone — not just cryptonatives — and we're extremely happy to be supporting them on this journey."

Co-invented by notable blockchain entrepreneurs Michael Lee, Luca Netz, and Lorenzo Melendez, Abstract is engineered by notable web3 developers Cygaar, 0xbeans, and stinkypablo.

To fulfill the mission of building the biggest onchain community and catalyzing the widespread adoption of web3, Abstract's technology is designed to make the process of developing decentralized apps easier, cheaper, and safer.

By leveraging cutting-edge ZK (zero-knowledge) cryptography, the open-source technology provides low-cost, fast, and secure transactions for users and builders alike. The user-centric platform's use of ZK Stack and EigenDA streamlines the development process, and the Abstract Foundation provides dedicated builder and brand support to ensure a smooth onboarding.

"Our mission is to build infrastructure to power the next wave of consumer crypto applications," said Cygaar, CTO at Cube Labs. "This requires collaborating on technology that makes crypto UX simpler, building a platform for mass distribution, and working closely with teams looking to build the next generation of consumer-facing experiences. By doing so, we have the potential to truly onboard retail users to crypto for the first time."

With its innovative approach and strong financial backing, Abstract is set to lead the consumer crypto revolution. The platform's focus on fostering culture, community, and creativity onchain will not only drive mass adoption, but also empower users to explore new possibilities within the crypto ecosystem.

"My work has always centered around creating a web3 ecosystem that enables new ways for brands to interact directly with their consumer base," said Abstract co-inventor Luca Netz, who serves as CEO of the wildly successful NFT brand Pudgy Penguins and Igloo, Inc. "Our vision is to change the dynamic of how users interact with blockchain technology and easily merge both the real and digital worlds. We are excited to drive the consumer crypto revolution forward."

For more information, please visit abs.xyz

About Igloo, Inc.
Igloo, Inc. is a collection of companies, the largest of which is Pudgy Penguins. Founded in 2024, the company is headquartered in Miami, Florida. Millions of people use its wide range of popular crypto-native products and platforms each day, from Pudgy Penguins®, Pudgy World™, OverpassIP™, and more. To learn more about Igloo, visit igloo.inc.

About Abstract
Abstract is a consumer-focused blockchain powered by cutting-edge ZK cryptography for consumer crypto, pioneering culture, community, and creativity onchain. Its mission is to build the world's biggest onchain community, driven by the culture economy, leveraging ZK Stack and EigenDA to provide cheap, fast, and secure transactions. Abstract was invented by individuals who launched and scaled Pudgy Penguins, Ethereum, and Kubernetes. To learn more about Abstract, visit abs.xyz

Media Contact
Sunshine Sachs Morgan & Lylis (on behalf of Igloo, Inc.)
[email protected]

SOURCE Igloo, Inc.