Pakt Completes $750k Pre-Seed Raise

Pakt
3 min readMay 29, 2024

Pakt, the “Blockchain Business Stack”, has completed its pre-seed financing round with investments from the Avalanche Foundation, Chorus One Ventures, 4Ward, and a circle of strategic angels that includes two of Benqi’s co-founders, Brian Johnson of Republic Crypto, and Anthony Scaramucci of Skybridge Capital.

“With its focus on the growing the Avalanche ecosystem with Chainsites, Pakt is set to become the main social layer and a pivotal hub for governance and community building across Avalanche subnets,” said Chorus One Ventures.

“On top of that, Pakt’s innovative model of using $PAKT to reward ecosystem value creators and expand the validator set reflects a forward-thinking approach to use blockchain technology for these goals.”

Pakt combines their “WordPress for Web3” marketplace of templates and mods, auto-scaling DevOps, and a Command Center dashboard to launch and operate what they’ve termed “Chainsites” — websites and web apps supercharged by blockchain’s trusted value layer.

“Web 2.0 connected the world, but at the expense of trust, leading to fraud, trolling, and user exploitation,” said Brendan Joyce, Pakt’s CEO.

“But on a Chainsite, users can establish verifiable reputations without sacrificing privacy, hold funds in noncustodial escrow wallets that don’t require counterparty trust, and confidently build their enriching future because they believe wholeheartedly in their online connections.”

Avalanche’s subnet architecture was the driving factor behind why Pakt chose to build atop the “red triangle chain.” According to the team, there were a host of other reasons that put cherries on top of the “obvious choice.”

“Avalanche is the institutional leader in blockchain,” said Olusegun Komolafe, Pakt’s CTO, from the University of Cape Verde where he is a lead contributor to the Africa OnChain initiative.

“As an African, I’m committed to putting their banking-tier grade tech into the hands of the worldwide building community. It’s time to trigger a renaissance of meritocratic value generation that calls to mind the early days of the internet.”

Pakt’s business strategy intentionally runs slightly counter to the narratives that dominated the bear market, leaning into both consumer crypto and the L1/infrastructure trends, what their leadership calls a “Yes, and” rather an an “either/or” approach.

“The industry tends to pit the ‘Fat Dapp’ against the ‘Fat Chain’ thesis,” said Matt Palmieri, Pakt’s Chairman.

“We predict a future where value accrues to the Dapps that provide the best user experience. However, from a technical standpoint, once they hit millions of users it will require them running on their own interoperable sovereign chains. Hence Pakt is all-in on Avalanche launching the era of the ‘Fat Dappchain’ thesis.”

This week, Pakt heads to Consensus to attend Avalanche’s Codebase demo day and meet with their investors to strategize raising their seed round.

“Last February, our team left their home countries to move into a Rwandan Airbnb to build shoulder-to-shoulder,” said Joyce.

“Now a little over a year later we’ve demoed for Fortune 500 institutions from London to Japan, our first audit is wrapping up, and we’re set to release Snowfort, a Pakt-powered bounty Chainsite for the Avalanche Ambassador DAO. Pakt has already been the adventure of a lifetime and we’re just getting started.”

About Pakt

Pakt’s “Blockchain Business Stack” empowers enterprises, from entrepreneurs to institutions, to build businesses on-chain in under 10 minutes for only $30. Pakt won the inaugural Avalanche Creates pitch contest for its vision to seamlessly weave blockchain’s trusted value layer into every online connection.

Website | Demo | Twitter | Documentation | LinkedIn

© 2024 Pakt

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Pakt

The OS for On-Chain Connection. Winner of the first Avalanche Creates Pitch Contest.