The fundraise was more complicated than a typical “cash in, equity out” arrangement. The company issued an iZUMi zk-Fund through strategic partner Solv Protocol that is a semi-fungible token (SFT). Investors who purchase the fund receive an SFT in their wallet to represent their share, making them a limited partner of the fund. Upon maturity, investors can redeem the SFT for their principal.
Source: https://www.coindesk.com/business/2023/04/26/defi-protocol-izumi-finance-raises-22m/?utm_medium=referral&utm_source=rss&utm_campaign=headlines