Calgary, Canada, May 3rd, 2023, Chainwire
Portals, the platform that simplifies Web3 by enabling anyone to bundle complex DeFi actions, has announced the successful close of a $2M seed funding round led by Lightshift Capital, with participation from Poolside, Basement Labs, LongHash Ventures, Daedalus Angels, Mechanism Capital and leading angels 0xMaki, Mathieu Baril, Owl.eth, Emile Dubie, Rudy Kadoch, David Dias, and others.
Lightshift Capital, the lead investor, recognized Portals' unique value proposition in the DeFi space and is excited to be part of their journey. According to Simão Cruz, Founding Partner at Lightshift: “Portals' emphasis on simplifying DeFi for retail investors is a critical component in driving widespread adoption of this new financial paradigm. With Portals, users no longer need to worry about which type of tokens to hold, which venues to use, or which chains are involved in the transaction. Instead, they can focus solely on the assets they want to use and execute their transactions with ease in just one click.”
With this funding, Portals is poised to continue disrupting and simplifying the DeFi space, allowing anyone to easily manage complex DeFi activities.
- Bundling of complex, multi-step actions, such as swapping interest-bearing, liquidity pool, vault, and other exotic assets in one-click.
- Staking to earn yield from over 20,000 supported opportunities, with new platforms frequently added to the list.
- Access to Web3 data from DeFi protocols, including liquidity pool and token prices, contract positions, account balances, and more through the Portals API.
The Portals API is built by Web3 natives who understand the challenges and complexity this technology can bring for new developers. Therefore the experienced team of Portals has focused on making the integration as seamless as possible for any level of developer. In addition Lightshift has contributed its engineering teams to build an API integration boilerplate that anyone can use to bootstrap their integration. This ensures that developers have the tools they need to integrate Portals seamlessly into their products, while retail users can enjoy hassle-free access to a vast range of DeFi opportunities.
"We're thrilled to have the support of Lightshift and our other investors as we continue to enhance performance, boost functionality, and drive DeFi adoption," said Nabi Ozberkman, co-founder and CTO of Portals. "Our team has the skills, experience, and network to create one of the top solutions in the market."
Portals was recently selected to be a part of Poolside Accelerator's inaugural cohort, receiving $100,000 in funding and mentorship in areas like marketing, token economy, go-to-market and business development strategy. The program began mid-April. In early June, Portals will present its product during the Poolside Demo Day to a select group of investors.
Portals was founded by Suhail Gangji, who previously co-founded Zapper, and Nabi Ozberkman, who has extensive experience in DeFi as part of the OlympusDAO team. The company plans to use the funding to accelerate product development and expand the team, as they continue to simplify DeFi and make it accessible to everyone.
"We see great potential in Suhail as a strong founder, coming from Zapper, with an ability to ship fast. Portals is offering the most comprehensive swaps between exotic tokens like LP shares and interest bearing assets, something that is valuable to any DeFi market participant. Portals will be an instrumental tool as DeFi adoption continues and experiences another major upturn,” said Brian Fakhoury, Partner at Mechanism Capital.
Portals is a platform that simplifies Web3 by enabling anyone to easily bundle complex DeFi actions. With $2 million raised and the experience of having founded Zapper, Portals is ready to drive mass adoption of DeFi.
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