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Renzo, an Ethereum re-staking protocol based on EigenLayer, has raised $3.2 million in a seed funding round.
The company announced on Monday that Maven11 Capital led the round with participation from Figment Capital, SevenX Ventures, IOSG Ventures, and several other investors.
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In addition, the company’s co-founder Lucas Kozinski said in a statement that the venture was founded in August, began raising funds in November, and completed the round in December.
Kozinski added that this was a stock round with a 1:1 token warrant round, which brings Renzo’s post-money valuation to $25 million.
What is Renzo?
The Renzo protocol is currently helping users re-stake Ethereum (ETH) through EigenLayer as part of its beta mainnet release last month. The protocol also plans to support liquid staking tokens (LSTs) in future versions.
To start using the protocol, users need to deposit ETH and optionally LSTs, and they will receive ezETH, which is Renzo’s liquid re-staking token (LRT). This token can then be used in DeFi applications to earn additional yield on top of ETH staking rewards.
Kozinski said, “Renzo is a third-generation protocol that can accept both native ETH and LSTs.” He characterized Stader Labs-like protocols as first-generation, supporting only liquid staking, and protocols like Ether.fi as second-generation, supporting only ETH re-staking.
Kozinski said, “Renzo is the first liquid re-staking protocol designed to accept both ETH and LSTs.”