Igloo, the parent company of the popular NFT brand Pudgy Penguins, has raised over $11 million in a strategic funding round led by Peter Thiel's Founders Fund to develop a new consumer-focused Layer 2 blockchain called Abstract.

Other investors in the round included Fenbushi Capital, 1kx, Everest Ventures Group and Selini Capital, Igloo said Tuesday. The company will use the funding to set up Cube Labs, a new venture under the Igloo banner, to oversee and contribute to the development of the Abstract Layer 2 blockchain.

Abstract is incubated under the not-for-profit Abstract Foundation and co-invented by Michael Lee, former senior vice president at Ethereum Layer 2 network ZKsync developer Matter Labs; Luca Netz, CEO of Pudgy Penguins and Igloo; and Lorenzo Melendez, president of Pudgy …