Grove Announces $7.9M Fundraise to Fuel Decentralized Infrastructure Growth
We are thrilled to announce the successful completion of a $7.9M fundraising round. This significant achievement includes support from prominent investors, Placeholder VC, Avon Ventures, and Druid Capital, with notable participation from Mechanism Capital, Permanent Ventures, and others.
This fundraise marks a pivotal moment for Grove, underscoring our commitment to building a web3 native infrastructure business and serving a multi-chain universe in web3. With an impressive track record of processing over 400 billion requests this year alone, our impact is undeniable. Key partnerships such as Infura, Aave, and OnFinality are testament to our incredible team and hard work.
“Only a decentralized RPC protocol can handle the rapidly expanding universe of blockchains as we head deeper into a multichain world.” Said Joel Monegro of Placeholder VC. “The POKT team has delivered this key piece of infrastructure and we’re excited to see Grove make it even easier for companies and developers to use the network for their applications.”
The past 18 months have been a period of intense focus and hard work for us, dedicated to delivering world-class quality of service for RPC. The success of our efforts is reflected in the caliber of organizations that we have partnered with, indicating a significant stride towards mainstream adoption of decentralized Decentralized Physical Infrastructure Networks (DePiN).
“Over the past 5 years, we’ve witnessed and supported Grove’s vision for decentralized, self-sovereign blockchain networks, starting with Pocket.” said Chris Pizzo, founding partner of Druid Ventures. “We foresee most traffic settling there, and Grove is the critical integration and performance infrastructure underpinning this ecosystem.”
True to our mission, we are utilizing this funding to enable as many web3 entrepreneurs as possible and drive the mainstream adoption of Pocket Network. Significant strides have already been made with the launch of Grove’s new Portal and a complete rebrand that aligns with the company’s vision for facilitating the core demand for DePiN.
“We’re leading the industry in building real, sustainable web3 enabled infrastructure businesses. We’re extremely fortunate to have partners like Placeholder and Avon who share in our vision. We are seeing the hard work of the entire Grove team pay off, and I am beyond excited to continue facilitating demand growth in DePiN.” Michael O’Rourke, CEO of Grove and cofounder of Pocket Network.
