Binance Labs leads $8m round of blockchain software firm

Tea, a Puerto Rico-based company building an open-source software platform on the blockchain, has raised US$8 million in a seed funding round led by Binance Labs, the VC and innovation incubator from Binance.

Max Howell, Tea’s co-founder and CEO / Photo credit: Tea

The fresh capital will be used to hire additional resources to continue work on the protocol, software, and development of the community.

Tea co-founder and CEO Max Howell created Homebrew – also known as brew – an open-source software package management system used by developers worldwide that has helped large tech corporations build their products, Tea said.

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The startup is aiming to create an open-source software ecosystem where volunteer developers are compensated and involved in open governance.

Other investors in the round include:

• XBTO
• Lattice Capital
• Darma Capital
• Coral Capital
• Woodstock
• Rocktree
• SVK
• MAKE services