Donut, a Berlin, Germany- and Los Angeles, CA-based DeFi powered mobile app to save and earn high yield, closed a $2m funding round.
Backers included Redalpine, which reinvested in the company bringing total funding to date to $3.8m. Other investors include Inventures, Compound founder Robert Leshner, Entrepreneur First and a group of users, including the owners of the Washington Nationals baseball team.
The company intends to use the funds for user growth and product development ahead of planned additional funding in early 2022.
Led by founder Neel Popat, Donut is a DeFi powered mobile app that allows users to to grow their wealth with digital assets. According to the company, since releasing its high-yield interest generating product in September 2020, the company’s early user base and assets under management have seen 40% monthly growth.
Decentralized finance (DeFi) is a set of banking tools built on the Ethereum blockchain.