iZUMi Finance has successfully raised $22 million in a funding round. The funds will be used to provide early liquidity for iZiSwap Pro, the startup's on-chain order book decentralized exchange, which operates on the zkSync Era network.
iZUMi Finance offers a one-step liquidity-as-a-service platform that allows users to convert one asset into another asset or cash. The newer iZiSwap Pro product is an automated market maker (AMM)-driven order book decentralized exchange that reduces transaction costs and mitigates custody risks associated with similar products in the market.
The fundraise for iZUMi Finance was structured differently from a typical funding round, as the company issued an iZUMi zk-Fund through its strategic partner, Solv Protocol. The fund is a semi-fungible token (SFT) that represents the investors' shares. The investors become limited partners of the fund, and they can redeem their SFT for their principal when it matures.
The funding round attracted investors such as Unicode Digital, NextGen Digital Venture, Bella Protocol, and Incuba Alpha, among others.