3F Raises $4M for Leveraged Tokenized Asset Exposure on Morpho

3F, a vault protocol built on Morpho, has raised $4 million in funding to offer leveraged exposure to tokenized real-world assets, according to The Block. The funding includes a $750,000 pre-seed round that ran from July 2025 to November 2025, and a $3.3 million seed round that began in November 2025 and closed in March 2026, as stated by Sonya Kim, co-founder of 3F.

Funding Details

Both rounds were structured as simple agreements for future equity (SAFEs) with token warrants on a one-to-one equity-to-token conversion basis. The seed round was led by Maven 11, with participation from F-Prime (the venture capital firm affiliated with FMR, LLC, parent company of Fidelity Investments), Susquehanna Crypto, GSR, Gate Ventures, and others.

Pre-seed investors included Steakhouse Financial, Rune Christensen (co-founder of Sky, formerly MakerDAO), and Sam MacPherson (co-founder of Phoenix Labs, the team behind Spark protocol). Maven 11 general partner Mathijs van Esch has taken an observer seat at 3F’s board.

How 3F Works

Built on Morpho, a decentralized lending protocol, 3F enables users to take leveraged exposure to tokenized real-world assets through a “one-click” process. According to Kim, “Users select a supported RWA and a leverage factor, and the protocol handles the full position build: coordinating short-term bridge financing to acquire the underlying RWA, supplying it as collateral on Morpho and borrowing stablecoins against it to repay the bridge.”

The protocol addresses a key inefficiency in building leveraged positions for real-world assets. Typically, such positions require a process called “looping,” where users repeatedly buy an asset, post it as collateral, borrow against it, and reinvest. While this can be done in a single transaction for crypto-native assets using flash loans, it becomes slow and complex for real-world assets due to settlement delays.

Kim explained: “For a T+1 asset, for instance, building a 5x position through roughly 20 loops would take 20 days to enter and another 20 days to unwind.” This exposes users to market and operational risks. 3F handles this process behind the scenes, completing it within a single settlement cycle of the underlying asset.

“Today, professional funds run manual loops on Morpho or Aave against these assets, but the trades are operationally arduous,” Kim said. With 3F, the process becomes more efficient and lower risk to execute.

Kim acknowledged that leverage comes with risks and trade-offs, including the risk of yield spreads narrowing if borrowing costs rise, slower entry and exit due to settlement timelines, smart contract and regulatory risks, and exposure to underlying credit events.

Launch Timeline and Initial Asset

3F will initially support JAAA, a tokenized AAA collateralized loan obligation (CLO) fund from web3 asset manager Anemoy, sub-managed by Janus Henderson and tokenized by Centrifuge.

3F expects demand for tokenized assets to grow as leveraged exposure becomes available. According to the protocol: “A tokenized fixed income fund yielding 6%, financed at 4%, mathematically delivers 10-14% return at 3-5x leverage. That kind of profile gives on-chain capital a substantive reason to buy tokenized funds that it doesn’t have today.”

Business Model and Team

3F will generate revenue through management fees on total capital deployed and performance fees on leveraged returns, Kim said. The platform currently operates with a team of six and plans to hire in credit underwriting, technology, and security.

The new funding will support development as 3F moves toward launch. A private beta is opening this week, with a broader launch expected in the second quarter.