Startup profile for Fei Protocol: latest funding, latest known valuation, total disclosed funding, investors, status, sources, and why the company is interesting. Part of the Venture Capital Tracker startup directory.
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Fei Protocol funding, valuation and investors

Algorithmic USD stablecoin protocol that merged with Rari Capital — both wound down after 2022 exploits.

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Funding, valuation & investors

Answer-first snapshot

Latest funding

Seed

$19M · March 2021

Latest known valuation

Not publicly disclosed

Total disclosed equity funding

$19M

Excludes debt, grants, acquisitions, secondaries, and IPO proceeds.

Current status

shutdown

Stage not recorded · San Francisco, California

Investors in latest funding

Lead: Andreessen Horowitz

Sources: latest funding Last verified: 2026-07-25

Overview

Fei Protocol issued the FEI stablecoin and merged with Rari Capital's Fuse lending pools in 2021. After a major 2022 exploit, Tribe DAO initiated a wind-down; Rari settled SEC charges in 2024.

Why Fei Protocol is interesting

Fei/Rari's Tribe DAO collapse after an $80M Fuse exploit became a case study in DeFi governance, reimbursement fights, and SEC enforcement on unregistered pool offerings.

Product & use cases

DeFi protocol that issued the FEI algorithmic stablecoin and merged with Rari Capital's Fuse lending pools — both wound down after 2022 exploits.

  • Algorithmic USD stablecoin (FEI) — discontinued
  • Decentralized lending via Fuse pools — discontinued
  • DAO governance via Tribe — wound down

Key facts

  • Seed (Mar 2021): $19M led by a16z; Framework, Coinbase Ventures, Variant named (CoinDesk)
  • Merged with Rari Capital (Dec 2021); Tribe DAO wind-down proposed Aug 2022 after $80M Fuse exploit (Bankless)
  • SEC settled charges against Rari Capital entities in 2024 (SEC press release)
  • Co-investors not in VCT directory: Framework, Variant, Coinbase Ventures

Funding history (newest first)

Seed

2021-03 $19M

Source: https://www.coindesk.com/markets/2021/03/09/fei-protocol-raises-19m-from-a16z-and-others/

Investors in our directory

Funds linked from Fei Protocol's profile — open a fund page for stage focus and related deal articles.

Andreessen Horowitz

Competitive landscape

Edge: Early a16z-backed DeFi experiment; ultimately failed due to exploit and governance disputes.

Fei/Rari became a case study in DeFi governance failure. The $80M Fuse exploit (April 2022) led to Tribe DAO wind-down. SEC settled charges against Rari entities in 2024.

  • MakerDAO (DAI) direct

    Established decentralized stablecoin; FEI failed to achieve similar stability.

  • Compound/Aave adjacent

    Lending protocols; Rari Fuse competed before exploit.

  • Centralized stablecoins incumbent

    USDC/USDT dominate; algorithmic stables faced regulatory and stability issues.

Notable stories

  • Tribe DAO voted to wind down after Rari's Fuse pools lost ~$80M in an April 2022 exploit (Bankless).
  • SEC settled charges against Rari Capital entities in 2024 (SEC press release).

Industries

Crypto & Web3 Fintech

Related funding articles

Venture Capital Tracker pieces that cover Fei Protocol's financing or category context.

FAQs about Fei Protocol

Practical answers founders, operators, and investors typically search for.

Fei Protocol was a DeFi project that issued the FEI algorithmic stablecoin and later merged with Rari Capital's lending platform under Tribe DAO.
Andreessen Horowitz (/fund/andreessen-horowitz) led Fei Protocol's $19M seed round in March 2021.
After Rari's Fuse pools were exploited for ~$80M in April 2022, Tribe DAO voted to wind down operations and redeem FEI holders.
The exploit left lending pools with bad debt; governance disputes over reimbursement led to a formal wind-down rather than continued operations.
No — Fei Protocol and Rari Capital ceased operations in 2022; related entities faced SEC enforcement in 2024.
DeFi protocol that issued the FEI algorithmic stablecoin and merged with Rari Capital's Fuse lending pools — both wound down after 2022 exploits.
Stage: other
No — Fei Protocol has shut down.
Tribe DAO voted to redeem FEI holders during wind-down after the 2022 exploit.
Rari Fuse exploit left bad debt; governance disputes over reimbursement led to wind-down.
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