Kelp DAO, a platform for liquid restaking, has successfully concluded a private funding round, securing $9 million to drive its growth in the decentralized finance (defi) sector. The funding will be used to bolster the platform's capabilities and expand into new ecosystems such as Solana and Bitcoin.

During the investment round, SCB Limited and Laser Digital led with a combined investment of $3.5 million. Other participants included Cypher Capital, DACM, Draper Dragon, Hypersphere, Bankless Ventures, among others.

The raised capital will support Kelp DAO in enhancing its technological offerings and expanding its market reach, building upon its achievement of over $850 million in total value locked (TVL) and a community of over 40,000 active restakers. The support from these investors underscores confidence in Kelp DAO's strategy to innovate within the restaking landscape.

Dheeraj Borra, the co-founder of Kelp DAO, expressed excitement about the funding, emphasizing its role in accelerating market expansion efforts and delivering customer-centric solutions. The private fundraising comes at a time of increasing demand for restaking, as evidenced by platforms like Eigenlayer, Puffer Finance, and Etherfi.