DeFi Protocol iZUMi Finance Raises $22M

that the company says reduces transaction costs and mitigates the custody risks of similar products on the market.

The fundraise was more complicated than a typical “cash in, equity out” arrangement. The company issued an iZUMi zk-Fund through strategic partner Solv Protocol that is a semi-fungible token . Investors who purchase the fund receive an SFT in their wallet to represent their share, making them a limited partner of the fund. Upon maturity, investors can redeem the SFT for their principal.

Investors in the round included Unicode Digital, NextGen Digital Venture, Bella Protocol and Incuba Alpha, among others.

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