Thursday, September 29, 2022
HomeInsightFunding Alert DeFi start-up Pillow raises $3 mn in funding round led by...

[Funding alert] DeFi start-up Pillow raises $3 mn in funding round led by Elevation Capital

DeFi start-up Pillow
DeFi start-up Pillow

Pillow, a Decentralised Finance (DeFi) startup, has raised $3 Mn in a seed round led by Elevation Capital. In this funding round prominent crypto angels also participated including DeFI Pulse’s Scott Lewis, Polygon’s JD Kanani and Sandeep Nailwal FalconX’s Prabhakar Reddy and Biconomy’s Aniket Jindal, among others.

Founded in 2021 by Arindam Roy, Rajath KM, and Kartik Mishra, Pillow helps crypto owners generate yields on their idle assets. It is a community for users worldwide who want to earn interest on their crypto, instead of letting them lie idle.

“We want to create a future where accessibility to decentralised finance is democratised, if not more than traditional finance, We’re fulfilling this vision by letting our users gain access to DeFi yield opportunities in a simple, safe, and secure manner.” Arindam Roy, CEO, Pillow, siad.

According to the DeFi startup Pillow, while DeFi is in a nascent stage, it is fast growing. The Total Value Locked (TVL) has grown to $250 Bn in January 2022, up by 12.5X from $20 Bn in January 2021.

“We believe the next big unlock in Web 3.0 is going to come from significantly improving user experiences. Pillow fits right into that theme by abstracting away the complexities of DeFi, and hence making it more accessible.” Vaas Bhaskar, principal at Elevation Capital, said.

Pillow aims to make participation in DeFi as simple as possible, by abstracting out all technical, security, and strategic concerns and allowing users to earn high yields on their holdings with a simple click!

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