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Essential - Series A
Overview
Funding Date
August 13, 2024
Financing amount
$11M
Valuation
--
Catagory
Subcategory
About Essential - Series A
Essential, an "intent-centric" Ethereum Layer 2 blockchain developer, has raised $11 million in a Series A funding round led by Archetype.
Other investors included IOSG Ventures, The Spartan Group, Mirana Ventures, Amber Group, Maven 11 and Big Brain Holdings, Essential said Tuesday. Undisclosed angel investors from Celestia, Hashflow, LI.FI, Sorella and other firms also participated in the round.
Investors
| Investors | Type | Location | Year Founded | #Portfolio Companies | Email Address | Socials |
|---|---|---|---|---|---|---|
| Fund | United States of America | 2021 | 37 | -- | ||
| Fund | Hong Kong | 2017 | 105 | hello@iosg.vc | ||
| Fund | Singapore | 2018 | 178 | info@spartangroup.io | ||
| Fund | -- | -- | 84 | -- | ||
| Fund | Hong Kong | 2017 | 71 | contact@ambergroup.io | ||
| Fund | Netherlands | 2015 | 66 | joost@maven11.com | ||
| Fund | United States of America | -- | 129 | -- | ||
| Foundation | Unknown | -- | 3 | -- |
Founders & Team
Liesl Eichholz
Simon Roberts
Company Profile / Project Introduction
Essential is a blockchain startup developing an intent-centric or declarative Ethereum Layer 2 network as an Optimistic rollup. Unlike traditional blockchains that use a transaction-based model (where users provide exact instructions), Essential employs an intent-based model (where users specify the desired outcome). As a Layer 2, Essential handles user intents off-chain using "specialized solvers" to make the process more efficient. This approach seeks to improve the user experience, reduce the on-chain workload and enhance scalability.
Founded earlier this year, Essential is trying to rewire transaction supply chains in crypto to minimize value extraction by what it describes as "rent-seeking intermediaries," for the benefit of users.