US startup Variational raises $10.3 million for its peer-to-peer trading protocol for crypto derivatives, while Pakistani startup COLABS has secured $2 million in pre-Series A funding.
US-based crypto firm Variational bags $10.3m funding
Peak XV Partners and Bain Capital Crypto have co-anchored a $10.3-million seed funding round for Variational, a peer-to-peer trading protocol for crypto derivatives, according to an announcement.
The funding round for the US-based startup was also backed by Coinbase Ventures, Dragonfly Capital, North Island Ventures, HackVC, Brevan Howard, and other investors.
Variational, founded in 2021, automates the process of peer-to-peer trading of options, futures, perpetuals, and more. The startup is led by co-founders Lucas V Shuermann and Edward Yu.
The platform’s first application, Omni, focuses on retail trading of permissionless perpetuals. It supports leveraged positions on various assets, including new tokens, yield perps, and volatility products, per the announcement.
CEO Schuermann said they aim to expand into OTC trading and institutional hedging solutions.
COLABS raises $2m round for Saudi expansion
COLABS, a Lahore-based startup that enables SMEs, entrepreneurs, and freelancers to build and grow their businesses through its co-working spaces and tech platform, has raised $2 million in pre-Series A funding.
The round was led by existing investor Shorooq Partners and backed by Saudi-based Waad investment. In a statement, COLABS said it will use the fresh funds to expand into Saudi Arabia and the broader MENA region.
COLABS offers flexible workspaces in Pakistan and is the only venture-backed company in this sector. The latest funding round brings the startup’s total funds raised to date to over $5 million.
The startup operates over 5,000 seats across 10 locations and has established partnerships with over 250 ecosystem enables, including Google Clouds, AWS, Redbull, and Spotify.
“Our success in Pakistan has proven the strength of our model in fostering innovation and supporting startups. Now, we’re excited to bring this blueprint to new markets,” COLABS CEO Omar Shah said.
