Execution platform Mevvy raises $2.8 million in seed round led by Multicoin Capital

Mevvy, an execution platform for MEV searchers, has raised $2.8 million in a seed funding round led by Multicoin Capital, with participation from Chapter One Ventures, Hypersphere and a group of strategic angel investors, according to a release shared with The Block.

Among its investors are founders of other platforms: Nathan Allman of Ondo, TN Lee of Pendle, Guy Young of Ethena, Georgios Vlachos of Axelar, and Jeffrey Feng and Jay Jog of Sei Network, the release said.

Mevvy aims to make MEV (maximum extractable value) accessible to traders by removing some of the technical complexities associated with transaction ordering and execution on blockchain networks. MEV traders (called "searchers") attempt to exploit inefficiencies in blockchain transaction sequencing. However, to do so often requires deep technical expertise and complex infrastructure.

Mevvy seeks to address these challenges with a web-based platform that enables traders to pick and choose MEV strategies to deploy. The platform supports Ethereum, Sui and Sei, providing an integrated development environment (IDE) preloaded with open-source strategies for arbitrage, backrunning and liquidation opportunities. This lets searchers concentrate on strategy optimization, according to Mevvy.

“We’re building a first-class MEV platform that allows traders to focus one hundred percent of their time on strategy development rather than maintaining fickle infrastructure," said Garen Smith, co-founder of Mevvy, in a statement. “By the end of 2025, we expect to support all of the major blockchains with enough volume to make MEV attractive.”

According to Mevvy's announcement, the funding will be used for "continued product development, chain expansion, and strategic partnerships with DeFi protocols."

Mevvy has laid out a three-phase roadmap to decentralize its infrastructure. The initial phase focuses on expanding chain support for Solana and Ethereum L2s while refining its searcher platform. In the second phase, the company will introduce the Mevvy Network, which will take control of platform components and have profitable traders pay for network access. In the third phase, Mevvy intends to open-source its core components to encourage fair competition within the MEV space.