News01 October 2021

Gelato Network to Automate 'Dumb Contracts' on DeFi After Raising $11M

Gelato Network to Automate 'Dumb Contracts' on DeFi After Raising $11M

Summary

· DeFi automation protocol Gelato Network concluded a Series A funding round

· The funding round was led by Dragonfly Capital and other venture capitalists

· The funding round raised $11 million

The Gelato Network, a DeFi automation protocol, has concluded a series A funding round that raised $11 million.

Gelato protocol was founded in Berlin in 2019. It automates decentralized finance (DeFi) tasks, a network of non-custodial financial services built on smart contracts.

The funding round was led by Dragonfly Capital in a bid to help Gelato expand its automation offerings. Other investors in the funding round included IDEO CoLab Ventures, ParaFi Capital, Nascent, and Aave’s Stani.

The funding round comes just a month after the release of Gelato’s Cono Finance bots interface for optimizing debt payments on Aave, a DeFi lending platform. The platform plans to use the funds raised to expand its administrative team and power other projects on the platform.

Kibet Elikana
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