Maple secures $5 million in its recent funding round
Maple has announced that it has secured $5 million in the recent funding round that was led by Blocktower Capital and Tioga Capital. It has now paved the way for Maple to utilize this fund for realizing its roadmap that leads to the achievement of long-term and short-term goals. Maple aims to go beyond the boundaries of decentralized finance and help traditional finance by partnering with them for matters pertaining to technology and the lending marketplace.
The roadmap spans multiple years and currently depicts the comprehensive growth strategy of the venture.
Other investors who participated in the $5 million funding round are Cherry Crypto, GSR Ventures, and Spartan Capital. While these are news investors warmly welcomed by Maple into the ecosystem, the funding round also saw some of the existing collaborators make a return. This includes Framework Ventures and Maven II.
The funding round aligns perfectly with the intentions of Maple to transform capital markets by utilizing the potential of blockchain technology. Its focus is on expanding its operations in LATAM and APAC. These regions have been selected as Maple sees a lot of potential for growth. The idea is based on the understanding that there is demand for their services of on-chain borrowing and lending. Needless to say, the nature of these offerings will be compliant and institutional.
Moving forward, Maple will also use the fund raised to establish crucial partnerships with players in the segment of financial service providers, protocols, and credit professionals. More segments could be explored in the times to come. Maple has assured that it will continue building decentralized technology as it evolves to become a diverse and vibrant debt-capital marketplace.
Sidney Powell, the Chief Executive Officer & Co-Founder of Maple Finance, has said that the current funding round marks an important moment for them in their evolution rather, adding that they are venturing out to achieve strategic expansion. Sidney has further elaborated that the mission is to create a bridge between the traditional financial ecosystem and Web3, as there are several opportunities that many have not yet looked into.
Thomas Klocanas from Venture Blocktower Capital has expressed excitement about supporting Maple. The General Partner & Head of the firm has added that they believe that Maple is a natural gateway for those who are looking to enter the industry and achieve sustainable growth. Thomas has also acknowledged their active role along with Tioga Capital in growing the operations of Maple.
Maple comes strong with a lot of achievements in 2023. For instance, it most recently launched Maple Direct in June. That is a lending arm that will work with Web3 companies for issuing and underwriting loans. Before that, Maple launched Cash Management Solution in April. It continues to grow, and based on the current prospects, one can assume that Maple will continue to grow as well.
