Mangrove raised a $7.4 million Series A round to build out its order book-based decentralized exchange with its "offer-is-code” approach to liquidity provisioning.

Cumberland and Greenfield Capital co-led the raise. CMT and Gumi Crypto Capital (gCC) also participated in the fundraising effort, the company said in a statement. 

The startup secured $2.7 million in a seed fundraising round in 2021, which was backed by crypto trading titans including Wintermute Ventures and QCP.

Mangrove will first on launch on Polygon and will roll out to several Ethereum Virtual Machine (EVM) compatible chains this year.

The startup began raising in March 2022 and closed the round in middle of that summer. The funding from the raise will be used to deliver features on the exchange and pursue research, the company said.

(By Kari McMahon)

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