Pillow raises $3m, led by Elevation Capital and marquee angels
By Joy Dumasia
Pillow, a DeFi (Decentralized Finance) startup that helps generate yields on crypto, has raised $3 million in seed funding led by Elevation Capital and a host of prominent crypto angels, including Scott Lewis (Co-founder, DeFi Pulse), JD Kanani & Sandeep Nailwal (Co-founders, Polygon), Prabhakar Reddy (Co-founder, FalconX), and Aniket Jindal (Co-founder, Biconomy) and industry stalwarts like Ramakant Sharma (Livspace), Farid Ahsan (Sharechat), Kush & Sambhav (FamPay), Mukund Jha (Dunzo) amongst others. The funds will be used to build alpha-generating DeFi strategies for popular crypto-assets (including $BTC, $ETH, and popular stablecoins), accelerate global expansion, build a strong user community, and grow the Pillow brand to make DeFi accessible worldwide.
Founded in 2021 by Arindam Roy, Rajath KM, and Kartik Mishra, Pillow is an exclusive community for users worldwide who want to earn market-beating interest rates on their crypto instead of letting them lie idle. Arindam and Rajath are DeFi maximalists, deeply entrenched in the DeFi space since its inception. They are also active Web 3 advocates. Kartik is an early crypto adopter, buying his first bitcoin in 2013. He’s been actively participating in and advocating for DeFi since 2020.
Pillow’s platform helps generate downside-protected interest on crypto assets by investing in curated, actively managed DeFi strategies created by the team. It takes away the complexity of DeFi as users can invest and earn high yields in just 1-click without worrying about gas (transaction) fees, underlying chains and tokens, etc. In under three weeks of launching their beta in December 2021, Pillow has organically scaled to more than $1 million in AUM (Assets Under Management) on the back of their stablecoin strategy, which provides 17.8% yield. To ensure customers’ crypto-assets are secure, Pillow uses BitGo, the world’s leading custodial services, for custody management and leverages Gnosis Safe for multi-sig capabilities.
Arindam Roy, CEO & Co-Founder, Pillow, said: “We want to create a future where accessibility to decentralized finance is democratized, if not more than traditional finance. We’re fulfilling this vision by letting our users gain access to DeFi yield opportunities in a simple, safe, and secure manner. Our users have shown unequivocal faith in our platform in our private access program, and we’re on track to scale this to new heights. We’re grateful for the mentorship and guidance of Elevation Capital as we scale, along with some of the best builders in the Web 3.0 space, including Sandeep, JD, Prabhakar and Aniket. We’re elated to have the ecosystem rally behind us as we build our platform and community.”
Vaas Bhaskar, Principal, Elevation Capital, said: “We believe the next big unlock in Web 3.0 is going to come from significantly improving user experiences. Pillow fits right into that theme by abstracting away the complexities of DeFi – and hence making it more accessible. We’re impressed with Arindam, Rajath and Kartik’s depth of understanding and clarity of vision and are thrilled to partner with them in this journey.”
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