With contributions from Investor Kavan Canekeratne. 

At CoinFund, we are constantly searching for the projects and teams that are shaping the future of decentralized finance (DeFi). We’re thrilled to announce we’ve led Veda’s $18M Series A round, and we’re enthusiastic about its potential to transform the landscape of onchain finance as the leading representative of an emerging primitive, vaults.

Veda: Powering the Future of DeFi

Veda has emerged as a leading cross-chain vault infrastructure, demonstrating remarkable growth and innovation. In less than a year, Veda has established itself as the dominant vault contract provider, boasting a substantial $3.5 billion+ in Total Value Locked (TVL) and capturing approximately 55% of the EVM vault market. This rapid success is a testament to the team’s vision, technical expertise, and ability to execute effectively. Veda’s BoringVault framework has become an industry standard, offering users one-click access to cross-chain strategies. This simplicity and efficiency are crucial for wider adoption, making complex DeFi strategies accessible to a broader audience. 

Why We’re Excited: A Deep Dive

Our excitement for Veda is driven by several key factors that power our investment thesis: 

1. Strong Team with Relevant Experience

Veda’s founding team, consisting of CEO Sun Raghupathi, CTO Joe Terrigno (CTO) and COO Stephanie Vaughn, brings a wealth of experience from previous ventures. Having met at Columbia University and previously building vaults at Sommelier Protocol, their track record in building and scaling DeFi products gives us confidence in their ability to navigate the complexities of the space. The co-founders are strong individual leaders who complement each other well as a team, and over the course of our diligence, negotiation, and execution of our investment, have continued to demonstrate a mixture of balance, resolve, judgment and hunger to win.

2. Accelerating Growth and Pipeline

Veda has demonstrated impressive growth, increasing its market share significantly in a short period. Their pipeline for the remainder of 2025 remains robust, signaling continued expansion and market dominance and with a trajectory that aligns with our belief that vaults are becoming a core DeFi primitive. Importantly, Veda has continued to execute against this plan over the recent months even during the fundraising process. Their recent vault with Turtle Club and TAC is now over ~$400M TVL, and they’ve also recently announced vaults with BOB and Mizu Labs (a Hyperliquid project), while also powering the $1B vault on the stablecoin-focused blockchain Plasma, which saw deposit caps raised from an initial $500M to $1B due to high demand.

3. Defensible Tech Stack and Unique Positioning

While the onchain components of the BoringVault standard are public, Veda also includes an off-chain strategy management component and a proprietary multichain price oracle. This hybrid architecture provides enhanced security, performance (latency) and flexibility, distinguishing Veda from competitors and also preserves key features that traditional finance will likely find important. We believe that this technology moat positions Veda to capture a larger market share and build network effects that can compound further over time especially in a future with stronger token flywheel potential.

4. Vaults as a Vital DeFi Primitive

We believe that vaults are evolving into a vital component of the DeFi ecosystem. They democratize access to yield, simplify complex strategies, and pool liquidity. Veda’s universal vault infrastructure platform enables developers and institutions to create vaults for any DeFi use case, from Liquid Restaking Tokens (LRTs) to yield-based stablecoins.

5. Significant Room for Market Growth

The vault market has seen substantial growth, but we believe there is still immense potential for further expansion. Veda is well-positioned to tap into various opportunities, including integrating with exchanges, neobanks, and traditional finance. The demand for simplified access to DeFi yield is clear, and Veda is at the forefront of meeting that demand.

The Vision: Making DeFi Disappear

Veda’s mission is to bring DeFi to where users already are, making it seamless and intuitive. As noted in their Series A announcement, Veda aims to “make DeFi disappear” for the end user. By handling strategy execution, rebalancing, risk controls, and cross-chain routing, Veda removes much of the friction that often hinders wider adoption.

Veda’s vision resonates deeply with us at CoinFund. We believe that finance should live onchain, but it needs to be accessible and user-friendly to onboard one billion users and trillions of capital. Veda is paving the way for this future, abstracting away many of the complexities and making DeFi as simple as sending a message, and even enabling future hedge fund and mutual fund managers to opt for running strategies via onchain vaults. 

At CoinFund, we are thrilled to support Veda as they continue to innovate and expand. The team’s leadership in the vault infrastructure space, combined with cutting-edge technology and a clear vision, makes them a standout investment opportunity. We are confident that Veda will play a pivotal role in shaping the future of DeFi and bringing its benefits to a global audience. We look forward to seeing what Veda accomplishes next and are excited to be part of their journey.

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