Total amount raised
$17 Millions
Latest funding date
02/01/2024
Location
Backpack has successfully raised funds through a Series A round, attracting nine investors including Amber and Wintermute Ventures. The platform offers a comprehensive cryptocurrency exchange and wallet service, supporting trading in Solana, Ethereum, and Bitcoin.
Keep reading to explore the intricacies of Backpack's fundraising journey and the investors backing this innovative platform.
What Is Backpack?
Backpack, founded in 2022, is a fully regulated global cryptocurrency exchange based in San Bernardino, California. The platform aims to provide an engaging and simple trading environment for both seasoned and new web3 users.
Backpack offers a comprehensive cryptocurrency exchange and wallet service, supporting trading in Solana, Ethereum, and Bitcoin. The platform includes features such as spot trading, futures trading, and lending services, along with a referral program and seasonal trading competitions.
The company was founded by Armani Ferrante and Tristan Yver and currently employs between 11-50 people.
How Much Funding Has Backpack Raised?
- Series A
- Amount Raised: $17 million
- Date: February 2024
- Lead Investors: Placeholder VC
- Valuation at Round: $120 million
- Motivation Behind the Round: The funds will be used to expand operations, development efforts, and market reach.
Total Amount Raised: $17 million. Current Valuation: $120 million.
Key Investors
- Placeholder VC
- Details: Placeholder VC is a venture capital firm that led the Series A funding round for Backpack. Joel Monegro, a General Partner, has expressed confidence in Backpack's ability to deliver high-quality applications and build a strong community.
- Investment Focus Areas: Decentralized networks, blockchain technology, high-quality applications.
- Notable Investments: Various decentralized network projects.
- Hashed
- Details: Hashed is a global, early-stage venture fund focused on backing founders pioneering the future of blockchain and cryptocurrency. Baek Kim, a General Partner, praised Backpack’s compliance standpoint and user experience.
- Investment Focus Areas: Blockchain, cryptocurrency, mainstream financial infrastructure.
- Notable Investments: Multiple blockchain and cryptocurrency startups.
- Robot Ventures
- Details: Robot Ventures is a venture capital firm investing in early-stage crypto and fintech startups. They participated in the Series A funding round for Backpack.
- Investment Focus Areas: Early-stage crypto, fintech startups.
- Notable Investments: Early-stage crypto and fintech companies.
- Amber Group
- Details: Amber Group is a global digital asset platform providing a full range of services including trading, asset management, and financing. They participated in the Series A funding round for Backpack.
- Investment Focus Areas: Digital asset services, trading, asset management, financing.
- Notable Investments: Various digital asset platforms and services.
- Wintermute Ventures
- Details: Wintermute Ventures is a leading global algorithmic trading firm in digital assets. Evgeny Gaevoy, the founder, highlighted Backpack’s understanding of the intersection of tech and culture.
- Investment Focus Areas: Algorithmic trading, digital assets, intersection of technology and culture.
- Notable Investments: Leading digital asset trading platforms.
What's Next for Backpack?
Backpack's future looks promising with significant opportunities for growth. The $17 million Series A funding will enable the company to expand its operations and enhance its product offerings, including the Backpack noncustodial wallet and the Mad Lads NFT collection. This expansion is crucial as the cryptocurrency market continues to grow, with increasing interest in noncustodial wallets and decentralized finance solutions.
Given the strong investor interest and the company's $120 million valuation, future fundraising rounds are likely. These funds could further scale operations and support global expansion, positioning Backpack as a major player in the crypto space. However, the company will need to navigate regulatory compliance and maintain security to build trust in a volatile market.
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