Renzo, an Ethereum restaking protocol based on EigenLayer, has raised $3.2 million in a seed funding round.

Maven11 Capital led the round, with Figment Capital, SevenX Ventures, IOSG Ventures, and several other investors participating, Renzo said Monday.

The startup was founded in August, began raising funds in November, and completed the round in December, Renzo founding contributor Lucas Kozinski told The Block. Kozinski said it was an equity with token warrant round in a 1:1 ratio, adding that it brought Renzo's post-money valuation to $25 million.

What is Renzo?

The Renzo protocol currently helps users restake ether (ETH) via EigenLayer as part of its beta mainnet release last month. The protocol plans to also support liquid staking tokens (LSTs) in its future releases.

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