Gelato Secures $11M to Expand Blockchain Network and Web3 Tools
Gelato, a network focused on smart contract automation, has successfully raised an additional $11 million in Series A+ funding to support its expansion efforts. The funding was led by Hack VC, bringing the platform’s total funding to $23 million, with support from investors such as Animoca Brands, IOSG Ventures, and Bloccelerate VC. The funds will be utilized to strengthen Gelato’s blockchain network and enhance tools for decentralized applications (DApps) and Web3 projects.
Hilmar Orth, co-founder of Gelato, explained that the new funding will help the platform cater to both Web3 and Web2 applications, making onchain solutions more accessible to companies. Emphasizing the need for affordable access to blockspace, Orth highlighted the importance of expanding Gelato’s platform to support a wide range of applications.
As part of the funding announcement, Kraken’s Ink, a layer-2 blockchain solution, has joined Gelato as a customer. Ink, introduced by Kraken on October 24, is designed to enable decentralized finance (DeFi) activities such as trading, borrowing, and lending. The partnership with Gelato aligns with both companies’ efforts to promote onchain functionality without intermediaries.
Orth remarked on the collaboration, noting that Kraken’s expertise complements Gelato’s goal to expand onchain computing. He stated that Kraken’s Ink adds significant value to Gelato’s network by offering advanced DeFi tools within the blockchain ecosystem.
The rise in decentralized applications has increased the demand for scalable blockchain solutions. Orth emphasized that a modular approach to scaling applications is essential, moving away from placing all applications on a single chain. This approach ensures that DApps achieve high performance while maintaining security and interoperability across blockchain networks.
The latest funding comes shortly after Gelato’s previous $11 million Series A funding on Oct. 8, with backing from Dragonfly Capital, ParaFi Capital, and Aave founder Stani Kulechov. These funds support Gelato’s efforts to add more blockchains to its network and grow its development team to drive innovation across multiple blockchain platforms.
Gelato’s core service, Ethereum smart contract automation, plays a crucial role in managing liquidity and volatility within cryptocurrency markets. By automating these tasks, Gelato’s tools provide reliable solutions for enterprises and DeFi projects looking to scale blockchain usage efficiently.
