Pudgy Penguins' parent company completes over $11 million in financing, led by Founders Fund

According to BlockBeats, on July 23, Igloo, Inc., the parent company of the NFT project Pudgy Penguins, announced the completion of over $11 million in financing. This round of financing was led by the well-known venture capital firm Founders Fund, and Fenbushi Capital, 1kx, Everest Ventures Group and Selini Capital participated in the investment.

Igloo plans to invest this strategic financing in the development of its new business Cube Labs. Cube Labs will oversee and participate as a contributor in the development of Abstract, a new blockchain focused on consumption, aimed at promoting the mainstreaming of encryption. Abstract is incubated by the non-profit Abstract Foundation, and will lead the encryption revolution in the consumer field by allowing billions of people to go on the chain for the first time. Its test network will be launched soon.

In addition to the lineup of blockchain entrepreneurs Michael Lee, Luca Netz and Lorenzo Melendez as co-founders, Abstract's engineering team includes well-known Web3 developers Cygaar, 0xbeans and stinkypablo.