Pudgy Penguins’ Parent Igloo, Inc. Raises $11 Million For Expansion

Igloo, Inc., the firm that created the Pudgy Penguins NFT collection, has secured $11 million to support Cube Labs. Cube Labs will work on a new blockchain called Abstract.

The abstract is designed to make blockchain technology more popular by making it easier and more user-friendly for creating decentralized apps.

Igloo Wants To Make Blockchain Technology More Accessible And Widely Used

The funding round was led by Founders Fund, with extra investments from Selini Capital, Everest Ventures Group, 1kx, and Fenbushi Capital. Joey Krug from Founders Fund congratulated Pudgy Penguins for its successful way of gaining users and said he believes Abstract will help more people use blockchain by focusing on easy-to-use solutions.

He added that Pudgy Penguins has the best way of getting users from scratch. Instead of spending a lot of money to get users, the firm naturally attracts them through the Pudgy brand.

Abstract aims to make it easier and cheaper to build decentralized applications (dApps). To help with this, The Abstract Foundation will offer resources and support for brands and developers.

Joey Krug, Partner at Founders Fund, said in an interview with GamesBeat that they’re using this to grow Abstract, a consumer-focused layer 2 solution aimed at making on-chain experiences popular. By prioritizing users and helping companies and brands connect better with their customers, Abstract is set up to introduce more people to cryptocurrency.

The Abstract Team Aims To Create New Opportunities For Global Brands

The Abstract team includes Michael Lee, Lorenzo Melendez, and Luca Netz. Luca Netz and Lorenzo Melendez are leading Igloo as Chief Executive Officer and President. Michael Lee, who has a lot of experience in tech from working at Activision Blizzard and ZKsync, will have an important role in the project.

Michael Lee said in an interview with GamesBeat that Abstract aims to create new chances for global brands and developers, to make blockchain technology part of everyday life. The project will soon begin its testnet phase.

Abstract will offer new opportunities for global brands and crypto developers, aiming to become the leading platform for crypto consumers. The firm is starting a new era where blockchain will change the way Pudgy Penguins think about digital ownership and fit naturally into their daily lives. This will improve how customers live, work, connect, and play.”

In June 2024, developers stinkypablo, 0xbeans, and Cygaar, joined Igloo’s team and have been working on Abstract via the not-for-profit Abstract Foundation.