Ethereum liquid restaking protocol Ether.fi closes a $27 million investment round

Companies • February 28, 2024, 10:37AM EST

Published 1 minute earlier on

Quick Take

The liquid Ethereum restaking protocol Ether.fi raised $27 million in an investment round led by Bullish and CoinFund.
The funding is split between a SAFE closed in late 2023 and a Series A, the company noted on X.

The largest liquid restaking protocol, Ether.fi, closed a $27 million investment round.

The venture firms Bullish and CoinFund led the round, which had additional participation from Amber Group, Arrington Capital, Bankless Ventures, Foresight Ventures, Chapter One, 4RCapital, Collider Capital, Lvna Capital, Draper Dragon, Node, OKX Ventures, North Island Ventures, Pulsar, Punk DAO, Relayer Capital, Selini, Version One and White Star Capital, among others.

"The $27 million is split between a previously unannounced SAFE closed late last year and a series A," Ether.fi wrote on the social media platform X. "We’ve brought on some of the most incredible partners in the crypto world and we couldn’t be more excited to work with them." A Simple Agreement for Future Equity, or SAFE, entails an investor funding a company and obtaining a right to the financed company's equity at a later date.

Ether.fi raised a $5.3 million round led by North Island Ventures and Chapter One in February 2023, The Block previously reported.

Ether.fi maintains nearly $1.7 billion in total value locked, making it the top Ethereum liquid restaking platform, according to the crypto data platform DeFi Llama. Ether.fi not only stakes a user's ETH but also their eETH, the token derived from staking ETH. The restaking protocol EigenLayer powers Ether.fi.

Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.

About Author

MK Manoylov has been a reporter for The Block since 2020 — joining just before bitcoin surpassed $20,000 for the first time. Since then, MK has written nearly 1,000 articles for the publication, covering any and all crypto news but with a penchant toward NFT, metaverse, web3 gaming, funding, crime, hack and crypto ecosystem stories. MK holds a graduate degree from New York University's Science, Health and Environmental Reporting Program (SHERP) and has also covered health topics for WebMD and Insider. You can follow MK on X @MManoylov and on LinkedIn.