# PoolTogether

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/pooltogether

- Industry: Financial Services
- Headquarters: New York, US
- Website: www.pooltogether.com
- Total disclosed funding: $2M
- Latest round: Seed (Oct 25, 2020)
- Investors on record: 7

## About

PoolTogether LLC is a decentralized savings protocol that enables users to deposit funds for a chance to win prizes while earning yield, promoting financial accessibility and engagement.Founded in 2019 and headquartered in New York, US, PoolTogether LLC operates a unique decentralized savings platform that allows participants to save without the risk of loss. The company has successfully raised USD 5.95 mn in a funding round on May 18, 2021, involving investors such as Dragonfly Capital, Galaxy Digital, Maven 11 Capital, and returning investors Nascent and ParaFi Capital, indicating a strong interest in its innovative savings model. The founder, Scott Steward, has a background that includes experience in prior ventures, contributing to the company's strategic direction.PoolTogether is a decentralized savings protocol designed to facilitate prize-based savings, allowing users to deposit funds for a chance to win prizes while earning yield on their deposits. The platform operates on a no-loss model, meaning participants can withdraw their deposits at any time without incurring losses. Launched to promote financial accessibility, PoolTogether serves a diverse client base of over 136,000 unique wallets, primarily targeting individuals who are interested in saving money while also having the opportunity to win prizes. The protocol is transparent and permissionless, functioning on blockchain technology, which enables users from various geographical markets, including North America, Europe, and parts of Asia, to engage with its services seamlessly.PoolTogether generates revenue through the mechanics of its deposit and prize system, leveraging the interest accrued from user deposits to fund the prizes offered. Users deposit their digital assets, which are then pooled together to earn yield from various lending protocols, creating a prize fund that incentivizes saving. The financial structure of the platform emphasizes direct-to-consumer transactions, where individuals participate without intermediaries. The model operates on a no-fee basis, allowing users to withdraw their funds at any time, thereby enhancing user engagement and retention within the protocol's ecosystem. The protocol’s revenue structure is inherently tied to the number of participants and the total deposits made within the system, ensuring a sustainable flow of capital as the user base continues to grow.In May 2021, PoolTogether LLC raised USD 5.95 mn in venture funding to support and accelerate its growth. The company is focused on launching new products aimed at enhancing user engagement and expanding its market presence. Plans include targeting additional geographic regions, which are currently being evaluated for future expansion. The company intends to utilize the recent funding to support these initiatives, ensuring continued development and outreach in the decentralized savings sector.

## Funding rounds

- Seed, Oct 25, 2020, $1M — Robot Ventures, MetaCartel Ventures, The LAO, ParaFi Capital
- Seed, Feb 3, 2020, $1M — ConsenSys Ventures, DTC Capital, IDEO CoLab Ventures

## Investors

- ConsenSys Ventures (https://capitalatlas.ai/funds/consensys-ventures) — Seed
- DTC Capital (https://capitalatlas.ai/funds/dtc-capital) — Seed
- IDEO CoLab Ventures (https://capitalatlas.ai/funds/ideo-colab-ventures) — Seed
- Robot Ventures (https://capitalatlas.ai/funds/robot-ventures) — Seed
- MetaCartel Ventures (https://capitalatlas.ai/funds/metacartel-ventures) — Seed
- The LAO (https://capitalatlas.ai/funds/the-lao) — Seed
- ParaFi Capital (https://capitalatlas.ai/funds/parafi-capital) — Seed