Kyiv-based startup raises $2 million to help blockchain transaction originators keep their profit

Ukrainian DeFi startup Kolibrio has announced its first round of funding, having raised $2 million from a consortium of Web3 investors.  Jump Crypto led the round, with participation from Delta Fund and Everstake Capital alongside unnamed individual investors.

The company is developing a solution to help blockchain transaction originators “get ownership of the order flow they create and have the option to monetize it via a system of on-chain order flow auctions (OFAs).”

“We’ve been watching the development of the DeFi market, the MEV evolution on Ethereum, its birth on other chains, and growing competition among searchers. That competition has led to [a situation in which] most trading profits land in the pockets of miners/validators while leaving transaction originators, who created those MEV opportunities, with nothing,” explains co-founder Alex Starikov in a media announcement. 

Kolibrio touts itself as “the first BEV Relay (Broadcaster Extractable Value) that allows transaction broadcasters like node providers, non-custodial wallets, cross-chain bridges and dApps to offer better user experience, enable MEV-cashback, optimize infrastructure, and improve the bottom line.”

The company was incorporated in 2022, even though R&D began in 2020, even before the ‘DeFi summer’ of that year. The better part of the team has stayed in Kyiv in spite of the war — which did not deter investors. 

“While investors did pay attention to the risk, they did not base their decision on it: rather, they looked at the team, its expertise, and technology,” Kolibrio’s founders told Ukrainian tech blog AIN. 

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Topics: Startups, Blockchain, Financial technologies, News, Payments & fintech
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