Blockchain infrastructure provider Figment has raised $2.5 million in a Series A funding round, led by Bonfire Ventures. Other participants in the funding round include FJ Labs, Leminiscap, XDL Capital Group, BKCM, and investor Stephen Patnernot.
Before now, Figment had raised millions through funding rounds. In a pre-seed round that was not announced to the public, the company secured $1 million. After then, the blockchain infrastructure provider also raised $1.5 million in a seed round in March last year.
With the recent achievement, Figment is planning to use the funds for the development of its staking infrastructure and hire more employees. In addition to its 26 employees, Figment hopes to employ more. Specifically, co-founder and CEO Lorien Gabel said, the new employees will join the sales, research, and engineering teams.
Referring to plans for advancing the company’s infrastructure, the CEO said Figment would seek Development and IT operation engineers. Speaking to The Block, Gable said the company also plans to advance customer dashboards and increase automation. He added:
“We will also grow our research team to better represent our token holders via governance.”
Also, Gable is confident that the company would record more gains in 2020. He told The Block that the company would be “profitable this year.”
Speaking further on the new funding round, Gabel said in a statement:
“This new round of capital will enable Figment to continue to invest in our best-in-class blockchain staking, governance and developer tools.”
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