SINGAPORE-BASED Web3 decentralised finance (DeFi) startup has clinched US$18 million in a seed funding round led by an undisclosed large fintech investor.

Other investors who participated in the round include Lightspeed Venture Partners, Binance, MassMutual Ventures, Mirana Ventures, Global Founders Capital, Jump Capital, GSR, Wintermute, Do Kwon of Terraform Labs, senior executives from SoftBank Vision Fund and more.

Founded in May 2021, the startup focuses on transforming on-chain data into metrics to help DeFi investors make informed financial decisions through a platform that delivers data, analytics and risk management solutions to them.

Funds from this round will go into expanding the company's flagship product, Harvest, which indexes blockchains and deconstructs users' DeFi positions to analyse risk, historical data, and profit and loss.

Harvest provides investors with the DeFi analytics platform along with data-driven insights to help them make investment decisions on a user-friendly interface. The product currently supports 68 protocols on the Binance build and build chain and will add coverage for Ethereum, Avalanche and Fantom by the second quarter of 2022.

Fresh funds raised will also be used to develop Treehouse's products and expand features for its users, scale its infrastructure to benefit user experience, build a community through curated content and programmes, and hire talent across global offices.

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Wintermute's Dominic Chrumka said that the startup's cross-chain dashboards and comprehensive analytics, especially the ability to track profit and loss attributed to pools in which users are providing liquidity, are "game-changing" for the industry.

Lightspeed Venture Partners Hemant Mohapatra and Marsha Sugana also believe that Treehouse's approach of building an in-house system of record for every DeFi user will become valuable and will differentiate the company from others.

"We are grateful to have with us a group of partners with such deep technical expertise and networks across both cryptocurrency and traditional finance ecosystems. This funding round will enable us to execute on our vision to help users confidently navigate DeFi," said Treehouse chief executive Brandon Goh.