Quick take:
- The company plans to use the funds to accelerate the development of its hybrid decentralised exchange platform that blends centralised limit ordering with automated market making.
- The platform is built on the high-performance Ethereum-compatible layer-1 blockchain Monad.
- Kuru Labs also raised $2.2 million in a seed round led by Electric Capital in July 2024.
Kuru Labs, a crypto startup building on Monad, has raised $11.5 million in a Series A funding round led by Paradigm.
The fundraising also attracted participation from multiple angel investors, including 0xDesigner, Viktor Bunin, Zagabond, Tristan Yver, Kevin Pang, Will Price, Alex Watts, Jordan Hagan, 3nes, Shreyas Hariharan, Auri, and Joe Takayama.
Kuru Labs previously raised $2.2 million in a seed round led by Electric Capital in July 2024.
The company plans to use the fresh capital to accelerate the development of its hybrid decentralised exchange platform that blends centralised limit ordering with automated market making.
The platform is being built on the high-performance Ethereum-compatible layer-1 blockchain Monad. Dubbed a “hybrid CLOB-AMM model”, it combines crypto’s popular automated market maker architecture with the traditional exchange model, the central limit order book, “to achieve a new level of functionality,” according to the announcement.
“Each order book comes with a default market maker, and the strategy that the market maker follows is that of an AMM,” Kuru co-founder Vaibhav Prakash told The Block. “So you will always have liquidity to trade against. It might not be the best price because it’s still an AMM, but it still offers you the benefits of placing limit orders natively.”
The model allows Kuru Labs the flexibility not to have to work with traditional market makers.
Prakash described Paradigm as the perfect investor to lead the round, having “helped a lot of exchanges on-chain take off.”
“They really understand market dynamics and microstructure. Their investments in Ellipsis Labs, Sorella Labs, and Uniswap all mean that the people we work with at Paradigm really understand how markets work on-chain,” he said.
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