Socean Finance announces $5.75M Seed Round

Socean Finance is a decentralized, algorithmic stake pool that increases Solana’s network security and offers the best risk-free yields has announced the closing of their $5.75M seed round led by Dragonfly Capital.

Since its main-net launch on 9th September 2021, Socean has gained over 650,000 SOL staked with over 7500 stake accounts and continues to build a dedicated community of Soceaners.

Socean is now looking to the future. They want to provide users with the best possible liquid staking solution on Solana, but this is only the first step. They have brought on strategic investors to realize its new mission — increasing value in the world by building decentralized, positive-sum financial products.

Socean Finance is thrilled to announce the closing of their $5.75M seed round led by Dragonfly Capital. In alphabetical order, the round also includes CMS Holdings, Defiance Capital, Foundation Capital, Genblock Capital, Infinite Capital, Jump Capital, Marin Digital Ventures, MGNR, Ratio, ROK Capital, Sequoia India, Solana Ventures and Valhalla Capital.

In addition, some of the angel investors in this round include Julian Koh (Ribbon Finance), Francesco Agosti (Phantom), James Moreau (Jet Protocol), Cindy Leow (Drift Protocol), James Simpson (mStable) SOLBig Brain and Cozomo de’ Medici.

The Socean team is extremely thankful and fortunate to have some of the best possible venture capital and angel investors supporting them.

Dragonfly Capital

Since Socean’s main-net launch in September, we are extremely impressed by the rapid growth in the short span of weeks. Dragonfly is incredibly excited to support a stellar team of builders to provide the best liquid staking service on Solana.

Shailesh Lakhani, MD, Sequoia India

Socean is bringing forth the true yield in DeFi and makes it easy and safe for anyone to access. The Socean team has quickly built market share with their differentiated approach and has an exciting roadmap ahead — and Sequoia Capital India is thrilled to back them on this journey.

Jump Capital

Socean introduces unique capabilities in their staking product and significantly enhances asset productivity for asset holders. Socean’s stake pools not only unlocks liquidity for users but their transparent and dynamic stake delegation process minimizes loss of rewards.

MGNR

Liquid staking is an important piece of the puzzle for the continued decentralization of Solana. Socean are planning an innovative suite of use cases around this idea and the team are strong builders who have the ability to ship high quality code.

Defiance Capital

Liquid staking is a novel way that balances risk, reward and convenience for stakers by seamlessly creating value for stakers and expanding to other DeFi applications. At the same time, it retains its core functions towards securing the Solana network.

DeFiance Capital is delighted to support Socean in their vision to build positive-sum DeFi products on top of their existing stake pools. As liquid staking solutions continue to entrench itself deeper into the ecosystem — we believe Socean will emerge as an essential feature of the Solana DeFi stack.

ROK Capital

ROK was initially interested by Socean’s contribution to Solana’s stake pool implementation and low validation fees. ROK was initially interested by Socean’s contribution to Solana’s stake pool implementation and low validation fees. After reviewing SOCN documentation and talking to the team, we were impressed by the Socean’s thoughtful approach to tokenomics & Defi 2.0 primitives on Solana. We are excited to partner with Socean and expand the liquid staking ecosystem in Korea and beyond.

Infinite Capital

Socean’s team has impressed with relentless execution, a deep technical understanding of Solana, and creative approaches to SOL staking.
Socean has the potential to enable an ecosystem around its underlying liquid staking model. Leveraged wisely liquid staking on Solana empowers a suite of composable DeFi use-cases and untethered liquidity. We see Socean becoming a cornerstone in the Solana ecosystem.

CMS Holdings

We are happy to work with the Socean team and share their liquid staking vision. We believe that liquid staking is an important domino in the search for maximal yield and capital efficiency. The Socean team has shown innovation when designing both their product scnSOL and the supporting tokenomics of their SOCN token.

Valhalla Capital

Socean’s liquid staking service is a cut above the rest. Its user-friendly interface allows for new users to easily benefit from earning Solana through delegation while earning yield through staking scnSOL simultaneously. Combine that with Socean’s superior asset-backed DAO token model and it was an easy decision for us to become early supporters and DAO participants.

Francesco Agosti (Phantom)

Staking pools are so important because they improve the decentralization of the Solana network while providing a great user experience for users. Socean takes it a step further by providing liquidity and even better returns for users.

Julian Koh (Ribbon Finance)

I simply like the team.

Cindy Leow (Drift Protocol)

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socean stronk team

The funds raised in this round will go towards hiring world-class talent, improving the utility and composability of their core stake pool product, and building new products.

Socean strongly believes that the community should be valued just as much — if not more than — strategic investors, and they have carefully and thoughtfully devised measures to ensure dedicated members of the Socean community will not be short-changed. Socean’s core values include anti-greed and fairness.

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