Blockchain startup StakeWith.Us raises $600k from SGInnovate, LuneX Ventures

Singapore-based blockchain infrastructure firm StakeWith.Us has received S$825,000 (US$600,000) in a seed funding round led by government-owned SGInnovate and LuneX Ventures, the blockchain-focused fund of venture capital firm Golden Gate Ventures.

From left: Amit Karpe, Michael Ng, Oliver Wee, Mervyn Chng / Photo credit: StakeWith.Us

Founded early this year, StakeWith.Us is building reliable blockchain infrastructure to secure new decentralized proof of stake networks. It plans to use the fresh funds to build out its team across Asia and further expand its offering. 

According to StakeWith.Us co-founder Michael Ng, the blockchain industry is seeing a shift from proof of work-based networks to proof of stake-based networks, as it is more cost-efficient and environment-friendly with lower energy and hardware costs.

“We believe staking services are core infrastructure needed for decentralized permissionless networks and are the asset managers of tomorrow,” said LuneX Ventures founding partner Kenrick Drijkoningen.

The investment in StakeWith.Us is LuneX Ventures’ second lead investment since its appointment to SGInnovate’s panel of co-investors for deep tech startups. LuneX Ventures and SGInnovate previously led a US$800,000 seed round for blockchain fraud detection startup Merkle Science.