TechFlow news, on July 23, Igloo, Inc. ("Igloo"), the parent company of Pudgy Penguins, announced it has raised over $11 million in funding led by renowned venture capital firm Founders Fund, with participation from Distributed Capital, 1kx, Everest Ventures Group, and Selini Capital.
Igloo plans to strategically allocate the funds toward developing its new business, Cube Labs, aiming to establish leadership in blockchain research and development. Cube Labs will oversee and contribute to the development of Abstract — a new consumer-focused blockchain designed to drive mainstream adoption of crypto. Incubated by the non-profit Abstract Foundation, Abstract aims to lead a consumer crypto revolution by bringing billions of people on-chain for the first time, with its testnet launching soon.
Michael Lee, Co-Founder of Abstract and CEO of Cube Labs, said: "Abstract unlocks entirely new possibilities for crypto-native developers and global brands alike—ultimately creating the leading consumer crypto platform. We're at the dawn of a new era where blockchain technology will redefine digital ownership and seamlessly integrate into our daily lives, enhancing how we work, live, interact, and play."
