Layer3, a pioneering token distribution protocol, has successfully raised $15 million in a Series A funding round as it prepares for its upcoming token launch and airdrop in the coming months.

The funding round was co-led by ParaFi and Greenfield Capital, with participation from notable investors including Electric Capital, Immutable, Lattice, Tioga, LeadBlock, Amber, and others. Layer3 commenced fundraising in April and completed the round in May, structured as equity with token warrants. Brandon Kumar, co-founder of Layer3, declined to disclose the valuation achieved during the funding round.

In addition to the Series A funding, Layer3 revealed a strategic funding round of $3.7 million from Electric Capital, ParaFi, Polygon's Sandeep Nailwal, and others in 2022. With this latest Series A round, Layer3's total funding now amounts to $21.2 million, having previously raised $2.5 million in 2021.

Layer3 operates as a platform enabling crypto projects to efficiently distribute tokens to attract and engage users. According to Kumar, the protocol plays a crucial role in leveraging protocol treasuries to optimize customer acquisition costs and streamline token distribution strategies across diverse blockchain ecosystems.

The platform boasts a significant user base, having facilitated interactions for over 100 crypto projects including prominent names like Uniswap, Base, Arbitrum, and Linea. Serving more than 3 million unique users across 120 countries, Layer3 has established itself as a pivotal player in the token distribution landscape.

Looking ahead, Layer3 is developing an AI-enabled protocol aimed at enhancing token distribution strategies, set to launch later this year. Kumar highlighted that the new AI capabilities will introduce innovative methods for token issuance, making the platform more personalized and efficient for end-users.

Layer3's strategic initiatives align closely with its imminent plans to launch its native governance and utility token, L3. The token launch will be accompanied by an airdrop scheduled for this summer, distributing 5% of the total L3 token supply, equivalent to 15 million tokens, to early adopters and CUBE minters. CUBE tokens are dynamic NFTs minted upon completing quests within Layer3's ecosystem.

With the infusion of fresh capital, Layer3 aims to expand its team from 13 to 20 members by the end of the year, focusing on hiring across engineering, data science, and business development roles. Additionally, the project plans to strengthen its presence in the Asia-Pacific (APAC) region, underscoring its commitment to global expansion and innovation in token distribution solutions.