Pharos 👀

Layer 1 blockchain developer Pharos raises $8 million 💰in seed funding

Pharos, a developer of a Layer 1 blockchain targeting fintech use cases, has raised $8 million in a seed funding round.

Lightspeed Faction and Hack VC co-led the round, with SNZ Capital participating as a strategic anchor investor, Pharos said Friday. Additional investors include Reforge, Dispersion Capital, Hash Global, Generative Ventures, MH Ventures, Zion and Chorus One.

Pharos began raising money for this round in July and closed it in September, co-founder and CEO Alex Zhang told The Block. The round was structured as a simple agreement for future equity (SAFE) with token warrants, Zhang said, declining to disclose the post-round valuation.

https://www.theblock.co/post/325246/layer-1-blockchain-pharos-seed-funding