Trader Joe raises $5 million in strategic sale led by Defiance Capital, GBV and Mechanism Capital
Trader Joe, a one-stop decentralized trading platform on Avalanche, has raised $5 million in a strategic sale.
The strategic sale was led by Defiance Capital, GBV and Mechanism Capital. Other VC and angel investors include the Not3Lau Capital, Three Arrows Capital, Coin98 Ventures, Delphi Digital, Avalanche Foundation and Stani Kulechov. The investment round also included strategic partners Avalaunch and Yield Yak from the Avalanche community.
With fresh capital at hand, Trader Joe plans to expand their team to continue building out their trading and lending platform, as well as supporting the entire Avalanche DeFi ecosystem through continued partnerships.
“Our vision is to build fast, stay agile and serve users at the frontiers of DeFi. We are incredibly humbled by the support of our users and investors. The Avalanche ecosystem is just getting started, and we will do our part to drive DeFi innovation.”
— Co-founders Cryptofish & 0xMurloc
Selected comments from participants:
Not3Lau Capital (Zach):
A maverick within the Avalanche ecosystem that is not afraid to challenge the status quo and take on the competition, Trader Joe is a prime example of how a Community First Defi Platform is able to capture the hearts and minds of its users. We are excited to be part of the community BRIDGING Trader Joe to new heights.
Having championed and worked with the Trader Joe team since inception, it’s an honor to support their growth in this way. With the recent explosion of the Avalanche platform, we believe they will evolve into a critical piece of application infrastructure and bolster the entire ecosystem.
Trader Joe makes the entire Avalanche ecosystem stronger with a smart and beloved project. YY plans to continue supporting the platform with deep integrations using its foundational DeFi products.
C98 (Jade Vo):
Trader Joe has demonstrated its enormous growth potential on Avalanche, generating a lot of attention from users. We are pleased to join the team on their adventure to build a critical DeFi stack and enrich the whole Avalanche ecosystem, which has been blooming and has a long runway ahead of it.
This raise offered us the rare opportunity to work with one of the top teams in the Avalanche ecosystem. DeFiance is delighted to support the Joe team as it continues to make strides in becoming the dominant DeFi platform on Avalanche.
Mechanism (Andrew Kang):
We believe that there remains a lot of room for growth within the Avalanche ecosystem. Mechanism is looking forward to support Joe to take a position at the center of that ecosystem by becoming the premier financial services and trading venue.
Joe is irresistible. No one ever swipes left on Joe.
About Trader Joe
Since its fair launch on July-3, Trader Joe has grown rapidly with $473M in total liquidity and $184M daily volume traded on its platform based on Aug-28 data. The protocol started with Automatic Market Maker (AMM) and Yield Farm features, and quickly captured users with its fun and engaging user experience. The team plans to launch decentralized lending and borrowing protocols next as part of its one-stop trading platform.