Singapore-based startup Helix, incubated by Helicap, has successfully raised $2 million in pre-seed funding, marking a significant step forward for its real-world assets protocol. The funding round was co-led by Saison Capital and Superscrypt, with participation from Emurgo Ventures, Comma3 Ventures, Outlier Ventures, Emoote, and other notable investors. While the exact valuation remains undisclosed, the investment underscores the growing interest in blockchain-based lending opportunities across Southeast Asia.
Helix’s mission is clear: to bridge the gap between crypto businesses and lending opportunities in the Southeast Asian region. Their innovative platform combines proprietary credit assessment tools with a diverse pipeline of credit prospects spanning various sectors. This strategic approach aims to cater to the surging demand for sustainable yields within the crypto ecosystem.
Jitendra Singh Jaitawat, co-founder and CEO of Helix and a former executive director at Goldman Sachs Technology, explained, “How do we remove friction and bring them [crypto businesses] the product right within their native ecosystem?” Helix intends to target crypto enterprises with substantial stablecoin liquidity, aligning its services with their specific needs and preferences.
Beyond the core lending services, Helix has ambitious plans to enhance liquidity in the space further. The project may facilitate institutional liquidity providers in trading tokenized loan assets before maturity, opening up new investment and yield generation avenues.
Helix’s origins can be traced back to Helicap, a private credit platform that has already disbursed over $200 million in loans in Southeast Asia since its launch in early 2018. Helicap secured $5 million in funding from PhillipCapital and Tikehau Capital in the previous year, and it has amassed a total of $10 million in equity funding to date. The impressive track record of Helicap lends credibility and experience to the Helix project.
The Helix protocol is poised for a planned launch on the Ethereum blockchain in the fourth quarter of this year, with potential expansions onto other chains. The pre-seed funding will be crucial in preparing for the launch and scaling operations. Helix intends to use the funds to hire additional business development and engineering talent, ensuring a robust infrastructure for its lending ecosystem.
Looi Qin En, a partner at Saison Capital, expressed confidence in Helix’s capabilities, saying, “We believe Helix is well-positioned to bring both credit opportunities and on-chain global liquidity to address the rapidly growing demand for credit.” Saison Capital had previously led Helicap’s Series A round in 2020, emphasizing the faith in Helix’s potential to impact the blockchain lending space significantly.
With its fresh infusion of capital and a clear vision, Helix is set to play a pivotal role in connecting crypto businesses with lending opportunities, paving the way for sustainable yields in Southeast Asia’s burgeoning crypto ecosystem. As the project gears up for its Ethereum launch later this year, the crypto community eagerly anticipates the positive impact it could have on the region’s financial landscape.