By Riley Kaminer
Pudgy Penguins might have a cute fluffy exterior. But don’t let that fool you: these plush toys pack a punch and are putting Miami on the crypto map during the crypto winter.
Igloo, the company responsible for Pudgy Penguins, today announced that it has raised a funding round of over $11 million led by Founders Fund and including additional participation from Fenbushi Capital, 1kx, Everest Ventures Group, and Selini Capital.
This new wave of investment aims to propel the development of Abstract, a consumer-centric blockchain, under the umbrella of Cube Labs. The goal is clear: to become the leading platform for mainstream adoption of crypto technology.
Luca Netz, the commercial mind behind Pudgy Penguins and CEO of Igloo, expressed his vision for Abstract: “My work has always centered around creating a web3 ecosystem that enables new ways for brands to interact directly with their consumer base.”
“Our vision is to change the dynamic of how users interact with blockchain technology and easily merge both the real and digital worlds,” Netz [pictured above] continued. “We are excited to drive the consumer crypto revolution forward.”
Netz, who is in his mid-20s, acquired Pudgy Penguins in April 2022 for $2.5 million. His Pudgy Penguins PFP was the first NFT he bought. Last year, Pudgy Penguins signed an agreement with Walmart to put the toys in 2,000 Walmart stores across the country.
Michael Lee, the mastermind behind Cube Labs and a seasoned tech and web3 executive, conveyed his enthusiasm about this new era of digital transformation.
“Abstract will open up a new world of possibilities for crypto-native developers and global brands – in turn creating the dominant crypto consumer platform,” Lee said in a statement.
Lee, who has previously driven growth for smart account platform ZKsync and led launches for video game giant Activision Blizzard, sees Abstract as a tool to reinvent digital ownership and seamlessly integrate blockchain into everyday life.
Alongside Lee and Netz as co-founders of Abstract is Lorenzo Melendez, who is also president of Igloo.
Joey Krug, a partner at Founders Fund, echoed this vision, praising Pudgy Penguins for their organic user acquisition strategy. “Pudgy Penguins has the best 0 to 1 distribution edge we’ve seen in the crypto space. Instead of paying massive amounts to acquire users, they acquire them organically through the Pudgy brand,” he said. Krug highlighted Abstract’s potential to become the go-to platform for both crypto enthusiasts and newcomers alike, emphasizing its user-first approach.
Abstract aims to make decentralized app development more accessible, affordable, and secure. The use of advanced ZK (zero-knowledge) cryptography leads to low-cost, fast, and secure transactions, benefiting both users and developers.
Cygaar, the CTO at Cube Labs, underscored the mission to build a robust infrastructure for the next wave of consumer crypto applications. “Our mission is to build infrastructure to power the next wave of consumer crypto applications,” he said. This mission involves simplifying the crypto user experience, creating a platform for mass distribution, and collaborating with teams dedicated to developing the next generation of consumer-facing experiences.
Abstract’s open-source technology is designed to streamline development and provide a smooth onboarding process for builders and brands. The Abstract Foundation, a not-for-profit, is committed to supporting these initiatives, ensuring a seamless integration of crypto into daily life.
Ultimately though, the platform’s focus on fostering culture, community, and creativity onchain is about more than just mass adoption – it’s about building the next generation of the crypto ecosystem, right here in Miami.
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