Igloo, Inc., the company behind the Pudgy Penguins NFT collection, has raised $11 million to fuel Cube Labs, which will focus on developing a new blockchain called Abstract. Abstract aims to increase the mainstream adoption of blockchain technology by making the development of decentralized applications more accessible and user-friendly.
Igloo, Inc. Cover Banner on X
Fresh $11M in Funding
The funding round was led by Founders Fund, with additional investments from Fenbushi Capital, 1kx, Everest Ventures Group, and Selini Capital. Joey Krug of Founders Fund praised Pudgy Penguins for its effective user acquisition strategy and expressed confidence that Abstract, by focusing on user-friendly solutions, will facilitate broader blockchain adoption.
"Pudgy Penguins has the best 0 to 1 distribution edge we've seen in the crypto space. Instead of paying massive amounts to acquire users, they acquire them organically through the Pudgy brand."
Abstract aims to simplify and lower the costs associated with developing decentralized applications (dApps). To support this goal, The Abstract Foundation will provide resources and support for developers and brands. Joey Krug, Partner at Founders Fund, explained the platform's consumer-first approach:
"They're leveraging this to grow Abstract, a consumer L2 focused on making on-chain experiences mainstream. By building for users first, and allowing companies and brands to better interface with their consumers, Abstract is well-positioned to onboard the masses to crypto."
Igloo, Inc. Raises $11 Million
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Abstract Team and Timeline
The team behind Abstract includes Luca Netz, Lorenzo Melendez, and Michael Lee. Luca Netz and Lorenzo Melendez are leading Igloo, Inc. as CEO and President, respectively. Michael Lee, who has extensive experience in the tech industry, including previous roles at ZKsync and Activision Blizzard, will play a key role in the project.
Michael Lee noted that Abstract intends to create new opportunities for developers and global brands, with the goal of integrating blockchain technology into daily life. The project is set to enter its testnet phase in the near future.
"Abstract will open up a new world of possibilities for crypto-native developers and global brands — in turn creating the dominant crypto consumer platform. We are at the beginning of a new era where blockchain technology will reinvent the idea of digital ownership and seamlessly integrate into our daily lives, enhancing how we live, work, connect, and play."
Igloo, Inc. IPs
Igloo's Broader Ecosystem
Developers Cygaar, 0xbeans, and stinkypablo joined Igloo's team in June 2024 and have been working on Abstract through the not-for-profit Abstract Foundation. Cygaar, the Chief Technology Officer at Cube Labs, highlighted the foundation's commitment to improving the user experience for crypto applications.
"Our mission is to build infrastructure to power the next wave of consumer crypto applications. This requires collaborating on technology that makes crypto UX simpler, building a platform for mass distribution, and working closely with teams looking to build the next generation of consumer-facing experiences. By doing so, we have the potential to truly onboard retail users to crypto for the first time."
Igloo, Inc. Roadmap Teaser
Final Thoughts
With strong financial support and a clear plan, Igloo, Inc. is set to advance the mainstream adoption of blockchain technology through its new platform, Abstract. Utilizing the success of Pudgy Penguins and focusing on user-friendly blockchain solutions, Cube Labs aims to connect traditional and crypto-native users. As Abstract moves into its testnet phase, the expertise of its developers and backing from the Abstract Foundation highlight its potential impact in the consumer crypto space.
