Total amount raised
$20.6 Millions
Latest funding date
05/01/2023
Location
Transak has successfully raised $20 million in its latest funding round, positioning itself as a key player in the Web3 payment and onboarding infrastructure space. The platform offers comprehensive fiat on/off-ramp solutions for Web3 and crypto applications, supporting over 170 cryptocurrencies across 80+ blockchains in 161 countries.
Keep reading to explore the intricacies of Transak's fundraising journey and the investors backing this innovative platform.
What Is Transak?
Transak, founded on January 1, 2019, is a prominent player in the Web3 and crypto infrastructure services industry. The company is headquartered in Brooklyn, New York, and was established by Sami Start and Yeshu Agarwal. With a team of 101-250 employees, Transak offers a range of fiat on/off-ramp solutions for Web3 and crypto applications.
Operating globally, Transak supports over 170 cryptocurrencies across 80+ blockchains in 161 countries. The company is trusted by more than 350 applications, including MetaMask and Coinbase Wallet, and aims to make Web3 applications more accessible through its comprehensive developer toolkit and regulatory compliance.
How Much Funding Has Transak Raised?
- Pre-Seed Round
- Amount Raised: $150K
- Date: March 2020
- Lead Investors: Tachyon by ConSensys Mesh
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop the initial platform and onboard early users.
- Seed Round
- Amount Raised: $410K
- Date: March 2021
- Lead Investors: ConsenSys, IOSG Ventures, Koji Capital, LuneX Ventures, Mask Network, The LAO
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the team and enhance the platform's capabilities.
- Seed Round
- Amount Raised: Not publicly disclosed
- Date: July 2021
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further develop the platform and scale operations.
- Series A
- Amount Raised: $20M
- Date: May 2023
- Lead Investors: CE Innovation Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support global expansion and enhance onboarding solutions for Web3 games and financial applications.
Total Amount Raised: $20.56M
Current Valuation: Not publicly disclosed
Key Investors
- CE Innovation Capital
- Details: CE Innovation Capital is an early-stage venture capital firm. It led the Series A funding round for Transak.
- Investment Focus Areas: Web3 ecosystem, blockchain technology, innovative technologies.
- Notable Investments: Not specified.
- ConsenSys
- Details: ConsenSys is a blockchain technology company founded by Joseph Lubin. It focuses on building infrastructure and applications for Ethereum.
- Investment Focus Areas: Blockchain, decentralized finance (DeFi), Web3.
- Notable Investments: MetaMask, Infura, Truffle.
- IOSG Ventures
- Details: IOSG Ventures is a venture capital firm that invests in blockchain technology and decentralized finance. It has a strong presence in Asia.
- Investment Focus Areas: Blockchain, DeFi, Web3.
- Notable Investments: Polkadot, NEAR Protocol, 1inch.
- Animoca Brands
- Details: Animoca Brands is a company specializing in digital entertainment, blockchain, and gamification. It is known for its investments in blockchain gaming and NFTs.
- Investment Focus Areas: Blockchain gaming, NFTs, digital entertainment.
- Notable Investments: The Sandbox, Axie Infinity, OpenSea.
- Sygnum
- Details: Sygnum is a digital asset bank providing integrated solutions for the digital asset economy. It is headquartered in Switzerland.
- Investment Focus Areas: Digital assets, blockchain technology, financial solutions.
- Notable Investments: Not specified.
What's Next for Transak?
Transak is poised for significant growth as it expands into new regions like the Middle East and Southeast Asia. The company aims to simplify the transition from Web2 to Web3 by enhancing its onboarding solutions and supporting a wide range of cryptocurrencies. This expansion presents a substantial opportunity to onboard the next billion users into Web3.
Future fundraising efforts are likely as Transak continues to grow and seek additional licenses. The increasing interest in Web3 and crypto startups suggests that investors will remain keen to support Transak's ambitious plans. However, the company will need to navigate complex regulatory environments and ensure robust security measures to maintain its competitive edge.
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