Spicenet raises $5M in Series A funding

DeFi infrastructure project Spicenet said it raised $5 million in a Series A round led by dao5, with participation from Babylon (BABY) and Astrarizon. Spicenet previously raised $3 million in a seed round co-led by Hack VC and Magnus Capital, bringing its total funding to $8 million. The company plans to use the proceeds for its on-chain trading service Spice Edge, the launch of the SPICE token, and initial liquidity provision.