Solana-based Grape Network raises $1.2 million in seed round

The Solana-based project Grape Network, developing tools for creating DAO, has raised $1.2 million in a seed round of funding. The Block reports this.

The round was led by Multicoin Capital with the participation of SkyVision Capital, Definitive Capital, LongHash Ventures, Double Peak Group, and Solana Capital.

Earlier, Grape Network raised $600,000 through a IDO on the Raydium platform. The token sale led to the Solana blockchain halt for about 17 hours — the network could not withstand the load due to the influx of a large number of bot participants.

The seed financing for the project was also raised through a token sale, according to Grape Network’s principal participant, Din Pappas.

The capital is planned to be used to expand the protocol’s team from the current 10 members.

“Demand for our toolkit has exceeded all expectations, and we need to double the size of the team to meet it and continue developing in line with our roadmap,” said Pappas.

The protocol is currently geared toward serving the Solana ecosystem. Among projects using its tools are Sabre Labs, Degen Ape Academy and SolanaMonkeyBusiness.

In Q2, venture capital funding in the crypto industry reached a record $6.2 billion.

According to PwC, major players are beginning to play a leading role in venture-capital rounds.