Total amount raised
$46.2 Million
Latest funding date
07/01/2021
Location
Element has successfully raised funding through five rounds, with notable investors including Metaplanet and Notion Capital. The company specializes in secure, self-sovereign chat apps and collaboration solutions using the open Matrix protocol.
Element's platform emphasizes sovereign, interoperable, and secure communications, trusted by secure organizations and promoting digital sovereignty. Keep reading to explore the intricacies of Element's fundraising journey and the investors backing this innovative platform.
What Is Element?
Element, founded in 2014, is a London-based company specializing in secure, self-sovereign chat apps and collaboration solutions using the open Matrix protocol. The company operates in various industries, including Apps, Commercial, Communications Infrastructure, Information Technology, Software, and VoIP.
With an employee count ranging from 101 to 250, Element emphasizes digital sovereignty, decentralization, and open standards interoperability. The company has raised funding through five rounds, with notable investors like Metaplanet and Notion Capital.
How Much Funding Has Element Raised?
- Seed Round
- Amount Raised: USD 3,100,000
- Date: July 2018
- Lead Investors: Status.im
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop the initial version of the secure, self-sovereign chat app and collaboration solution.
- Series A
- Amount Raised: USD 8,500,000
- Date: September 2019
- Lead Investors: Dawn Capital, Firstminute Capital, Notion Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale the platform and expand its user base, particularly in the enterprise market.
- Corporate Round
- Amount Raised: USD 4,600,000
- Date: April 2020
- Lead Investors: Automattic
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance the platform's features and improve its infrastructure.
- Series Unknown
- Date: December 2020
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To continue the development and scaling of the platform.
- Series B
- Amount Raised: USD 30,000,000
- Date: July 2021
- Lead Investors: Protocol Labs
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand technology for large organizations, invest in peer-to-peer architecture, and build out decentralized voice and videoconferencing services.
Total Amount Raised: USD 46,200,000. Current Valuation: Not publicly disclosed.
Key Investors
- Protocol Labs
- Details: Protocol Labs is a research, development, and deployment lab for network protocols. They are known for creating IPFS and Filecoin.
- Investment Focus Areas: Decentralized web technologies, data storage, network protocols.
- Notable Investments: Filecoin, IPFS, libp2p.
- Automattic
- Details: Automattic is the parent company of WordPress.com, WooCommerce, and other web development tools. They focus on making the web a better place through open-source projects.
- Investment Focus Areas: Open-source software, web development, content management systems.
- Notable Investments: WordPress, WooCommerce, Tumblr.
- Dawn Capital
- Details: Dawn Capital is a venture capital firm that invests in early-stage technology companies. They focus on B2B software and fintech.
- Investment Focus Areas: B2B software, fintech.
- Notable Investments: Collibra, Dataiku.
- Firstminute Capital
- Details: Firstminute Capital is an early-stage venture capital firm. They invest in technology companies at the seed stage.
- Investment Focus Areas: Early-stage technology companies.
- Notable Investments: CloudNC, Tessian.
- Notion Capital
- Details: Notion Capital is a venture capital firm that invests in early-stage technology companies. They focus on SaaS and enterprise software.
- Investment Focus Areas: SaaS, enterprise software.
- Notable Investments: Tradeshift, GoCardless.
What's Next for Element?
Element stands at the cusp of significant growth, driven by the increasing demand for secure, decentralized communication. With its recent $30 million Series B funding, the company is poised to enhance its technology, particularly in peer-to-peer architecture and decentralized voice and videoconferencing services. The potential market is vast, including large organizations and governments concerned with data security and privacy.
Future fundraising opportunities appear promising, given the strong investor confidence and the growing adoption of decentralized communication platforms. Element's engagement with multiple governments and large-scale users suggests that further investment could accelerate its expansion and technological advancements.
However, challenges remain. Element must balance the benefits of end-to-end encryption with the need to prevent misuse, compete with established platforms like Slack and Microsoft Teams, and ensure scalability and reliability as its user base grows. Navigating these hurdles will be crucial for Element's continued success.
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