# Fuel Labs

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/fuel-labs-2

- Industry: Software
- Headquarters: US
- Website: www.fuel.network
- Total disclosed funding: $1.5M
- Latest round: Seed (Sep 21, 2021)
- Investors on record: 3

## About

Based in Ohio, US, Fuel Labs is a global decentralized technology firm that specializes in high-performance blockchain solutions, focusing on increasing scalability and accessibility within the blockchain ecosystem.Founded in 2019 and headquartered in Ohio, US, Fuel Labs operates as a technology firm developing advanced blockchain solutions. The company has raised USD 1.5 mn in Seed funding on September 21, 2021, led by CoinFund Management, with participation from Fenbushi Capital and Origin Capital. The company does not have known subsidiaries or previous pivots in strategy.Fuel Labs has developed a suite of high-performance blockchain solutions centered around the FuelVM, an Ethereum layer-2 protocol designed to enhance scalability and accessibility. The flagship offerings include the Fuel protocol itself, which aims to address centralization within the blockchain ecosystem by allowing for high-throughput transactions with low node requirements. Customers can utilize Fuel’s unique architecture for various applications, including prediction markets through Griffy, decentralized exchanges (DEXs) via MIRA, and lending platforms like Swaylend. These products enable developers and businesses to create innovative financial solutions that are efficient and cost-effective. The primary geographical markets served by these products extend across regions with active blockchain development, including North America, Europe, and parts of Asia.The revenue model for Fuel Labs is largely predicated on transaction fees generated through its services, which facilitate a variety of blockchain interactions. Users engaging with applications built on the Fuel protocol, such as Griffy, MIRA, and Swaylend, contribute to the revenue through these transaction fees. These fees are structured around a pay-per-transaction model, where clients are charged for the execution of smart contracts or transactions conducted on the platform. The pricing for these transactions is designed to remain competitive, allowing developers and consumers to benefit from low-cost operations while maximizing throughput. This structure supports a diverse client base, including developers creating applications and businesses leveraging blockchain technology for their operations.Fuel Labs plans to utilize the USD 1.5 mn raised in Seed funding to further develop its Ethereum layer-2 solution while focusing on expanding its product offerings. The company aims to introduce additional blockchain products to enhance its service suite within the next twelve months. Furthermore, Fuel Labs is targeting expansions into Asian markets, particularly those with burgeoning blockchain activities, by mid-2023.

## Funding rounds

- Seed, Sep 21, 2021, $1.5M — Fenbushi Capital, Origin Capital, CoinFund Management

## Investors

- Fenbushi Capital (https://capitalatlas.ai/funds/fenbushi-capital) — Seed
- Origin Capital — Seed
- CoinFund Management (https://capitalatlas.ai/funds/coinfund-management) — Seed