Layer 2 Network Plume Network Completes $10 Million Seed Round Financing, Led by Haun Ventures

PANews reported on May 24 that the Layer 2 network Plume Network, which focuses on on-chain real-world assets (RWA), raised $10 million in a seed round led by Haun Ventures. Other investors included Galaxy Ventures, Superscrypt, A Capital, SV Angel, Portal Ventures, and Reciprocal Ventures.

Chris Yin, co-founder and CEO of Plume Network, stated that the company began negotiations with investors in April and ultimately raised four times the planned amount, concluding the financing earlier this month. Plume Network had previously raised $1.6 million through a Simple Agreement for Future Equity (SAFE) and token warrant round, with the final amount for that round being $2 million, which is part of the $10 million seed round announced today.

Plume Network is a modular Layer 2 network compatible with the Ethereum Virtual Machine (EVM), aiming to compliantly bring various asset classes on-chain through efficient and secure Blockchain technology. Currently, Plume is in a private testnet, with over 80 RWA and DeFi projects building on its network, including collectibles, alternative assets, synthetic assets, luxury goods, real estate, lending protocols, and perpetual decentralized exchanges.

Plume Network plans to launch a public incentivized testnet in the coming weeks and roll out the mainnet later this year. The funds from this round will be used to expand the team, particularly in engineering, marketing, and community functions.