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Angle funding, valuation and investors
Decentralized over-collateralized stablecoin protocol (EURA and USDA).
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Funding, valuation & investors
Answer-first snapshotLatest funding
Seed
$5M · September 2021
Latest known valuation
Not publicly disclosed
Total disclosed equity funding
$5M
Excludes debt, grants, acquisitions, secondaries, and IPO proceeds.
Current status
private
seed · San Francisco, CA
Investors in latest funding
Lead: Andreessen Horowitz
Overview
Angle Protocol is a decentralized finance protocol that issued over-collateralized stablecoins including EURA (euro-pegged, formerly agEUR) and USDA (dollar-pegged, backed by tokenized treasuries and crypto collateral). Built on Ethereum and multiple EVM chains, the protocol offered borrowing modules, a Transmuter exchange mechanism, and yield-bearing staked versions (stEUR, stUSD). Angle Labs raised a $5M seed round in September 2021 led by Andreessen Horowitz. In 2026 Angle announced it is entering its final chapter: the protocol remains fully collateralized with 1:1 redemptions open until March 1, 2027, and the team pointed users to its Merkl incentives product for ongoing work.
Why Angle is interesting
Angle built the largest decentralized euro stablecoin (EURA) before announcing protocol wind-down in 2026 — a case study in DeFi stablecoin design and graceful redemption.
Product & use cases
Angle issued capital-efficient over-collateralized stablecoins (EURA, USDA) via smart-contract modules for borrowing, minting, and yield distribution — governed by veANGLE token holders across EVM chains.
- Decentralized euro-denominated payments and savings (EURA/stEUR)
- Over-collateralized borrowing against crypto and RWA collateral
- On-chain yield products for stablecoin holders via protocol revenue sharing
Key facts
- Seed (Sep 2021): $5M led by a16z for euro stablecoin protocol (CoinDesk)
- EURA became largest decentralized euro stablecoin before 2026 wind-down announcement
- Protocol entering final chapter; redemptions open until March 2027 (angle.money)
- Co-investors not in VCT directory: Fabric VC, Wintermute, Divergence Ventures, Global Founders Capital, Alven
Funding history (newest first)
Investors in our directory
Funds linked from Angle's profile — open a fund page for stage focus and related deal articles.
Competitive landscape
Edge: Early mover in non-USD decentralized stablecoins with capital-efficient over-collateralization design from École Polytechnique / Stanford founders — EURA became a leading decentralized euro token before wind-down.
Non-USD stablecoins remained a niche within DeFi despite euro demand from European users. Angle's EURA gained traction as a decentralized euro option but faced competition from centralized issuers and broader market shifts. The 2026 wind-down with extended redemptions suggests orderly closure rather than failure — collateralization maintained per protocol messaging. Merkl (incentives infrastructure) represents the team's forward focus.
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MakerDAO (DAI) direct
Dominant over-collateralized stablecoin protocol; Angle targeted euro niche with different module architecture.
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Circle (EURC) incumbent
Centralized euro stablecoin with regulatory clarity; Angle offered decentralized alternative.
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Liquity adjacent
Interest-free borrowing stablecoin design; different collateral and governance model.
Notable stories
- Angle founders Pablo Veyrat and others met a16z partners as Stanford classmates in 2019 before launching the protocol mainnet in November 2021 (Mint Ventures research).
- Individual angels in the seed included Julien Bouteloup (Curve contributor) and Frédéric Montagnon — signaling DeFi-native syndicate quality.
- Angle's 2026 wind-down notice states every USDA and EURA remains redeemable 1:1, directing users to redeem before March 2027.
Industries
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Venture Capital Tracker pieces that cover Angle's financing or category context.
FAQs about Angle
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