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Cash Management Company Coinshift Closes $15 Million Series A Led by Tiger Global, Sequoia Capital India, Alameda Ventures

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Cash Management Company Coinshift Closes $15 Million Series A Led by Tiger Global, Sequoia Capital India, Alameda Ventures

Cash management company announces roadmap to build cutting-edge multichain treasury infrastructure for Web3

SHERIDAN, Wyo., May 17, 2022 — Coinshift, a leading treasury management and infrastructure platform that enables DAOs and crypto businesses to manage cash reserves, today announced its $15 million series A funding round and its roadmap for building a novel full-service treasury management solution in the industry.

The series A funding round is led by Tiger Global and joined by Sequoia Capital India, Ryan Hoover (Founder of Product Hunt and the Weekend Fund), Alameda Ventures, Spartan Group, Ethereal Ventures, Alpha Wave Capital, Hash key Capital, Quiet Capital, Polygon Studios, Volt Capital and 300 and more angels and operators in crypto and fintech.

Coinshift has undergone rapid growth since its launch in June 2021, managing more than 1000 safes, $1.3 billion in assets and $80 million in payouts for organizations like Consensys, Messari, Biconomy, Uniswap, Perpetual Protocol, Balancer and many others.

Coinshift Founder and Chief Executive Officer Tarun Gupta, commented, “Today, a new chapter of the Coinshift journey begins. We are unveiling a glimpse into our platform’s second version, through which we share our vision to build the most sophisticated multichain treasury infrastructure for Web3. The fact our investors have returned to participate in a series A funding round is a testimony to the quality of our platform and the timely solution we offer to fill the current needs in the market.”

Coinshift’s version 2 was built and designed in close collaboration with the industry’s leading Decentralized Autonomous Organizations (DAOs). Our version 2 will allow users to manage multiple Gnosis Safes for multiple chains under one organization to enable significant time saving and achieve transparency in treasury operations. The major architectural change between Coinshift version 1 and Coinshift version 2 is that users can add multiple safes to a single organization across multiple chains, whereas in version 1, one safe address was tied to one organization, in Coinshift’s feature-rich version 2 architecture, treasury managers and sub-DAO committees will be able to efficiently consolidate all their safes across networks and seamlessly visualize overall treasury balances. In addition, users will have global access to payees, labels, budgets, reporting and advanced access level control between safes.

“With Coinshift’s version 1, our team has done an incredible job of building a sophisticated mass payouts platform. With our version 2, we are taking a massive leap forward to enable DAOs of any size, to manage their treasury. But we’re just getting started, and we are excited for the opportunity that lies ahead as we work toward building the most sophisticated next-generation cryptocurrency treasury management platform.”

Investor Quotes

Tiger Global: “We’ve been impressed by the pace of product development at Coinshift since we met Tarun and the team. It’s clear there is a huge need for crypto native treasury management and payments, and we are excited to back Coinshift as they roll out the next iteration of the platform,” said Alex Cook, Partner, Tiger Global.

“Tarun and the team are building heads down at Coinshift. They have made wonderful progress since Sequoia Capital India participated in their seed funding last year. This round will enable them to build a wider set of offerings for treasury management and Sequoia Capital India is thrilled to deepen the commitment to Coinshift,” said Shailesh Lakhani, MD, Sequoia India

Alameda Ventures: “Excited to observe Coinshift leading the infrastructures to bring simple, flexible, and efficient DAO/treasury management tool into a wider audience,” said Adam, Partner at Alameda Ventures.

Notable individual investors include:

  • Ryan Hoover (Founder of Product Hunt and the Weekend Fund)
  • Sandeep Nailwal — Co-Founder and COO, Polygon
  • Shiva Rajaraman — VP at Opensea
  • Prabhakar Reddy — Founder of FalconX
  • Scott Belsky — CPO Adobe and Founder of Behance
  • Lenny Rachitsky — Previously Product Manager, Airbnb
  • Utsav Somani — Iseed and Head of Angelist India
  • Shaan Puri — Previously Director of Product, Twitch

About Coinshift

Coinshift is a leading treasury management and infrastructure platform that enables DAOs and crypto businesses to manage cash reserves, general financing, and overall risk. Coinshift provides a single and easy-to-use solution that facilitates and manages treasury operations in an efficient manner. Coinshift is built on the Gnosis Safe, which allows clients to utilize its core pay-out features to manage payments, engage in collaborative multi-signature transactions, and save up to 90 percent on gas fees. We extend Gnosis Safe functionality with additional reporting features, on Ethereum and Polygon, allowing users to save time and reduce operational and gas costs.

Funding

Norwest Venture Partners backed Celebal Tech raises Debt from BlackSoil

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Celebal Technologies debt from blacksoil

Celebal Technologies, a leading IT services provider backed by Norwest Venture Partners, has announced that it has raised debt from alternative credit platform BlackSoil. The amount of the same remains undisclosed. 

This latest capital infusion will be used for working capital and general corporate purposes. It will enable Celebal Technologies to serve its 200+ client base better and deepen its market penetration worldwide.

In 2022, Celebal Technologies raised $32M in its first institutional fundraising from marque investor Norwest Venture Partners – a global venture and growth equity investment firm, managing $15+ Bn in capital as on date.

Headquartered in Jaipur and co-founded in 2016 by Anupam Gupta and Anirudh Kala, Celebal Technologies specialises in Data Science, AI, and Enterprise Cloud Solutions. The Company has become a dominant force in the IT sector, assisting its extensive clientele with improving business efficiencies and providing tailored solutions primarily in data engineering, cloud innovation, supply chain analytics, and AI-driven chatbots.

Commenting on the same, Ankur Bansal, Co-Founder and Director of BlackSoil, said, “As a forward-thinking enterprise poised for significant growth, Celebal Technologies is uniquely positioned to lead in the AI sector globally. With their strategic partnership with industry giants Microsoft and & Databricks, they are set to revolutionise the market with cutting-edge solutions. Starting in a Tier II city, the journey of Celebal Technologies is a beacon of inspiration. We are thrilled to support their global expansion ambition and are confident in their potential for long-term success.”

Celebal Technologies has demonstrated exceptional growth, achieving an annual growth rate (CAGR) of approximately 105% from FY21 to FY24. During this period, the number of employees grew from 300+ to 2,300+. This extraordinary growth course is bolstered by strategic partnerships with industry giants such as Microsoft and Databricks, fuelling Celebal Technologies’ drive to innovate and expand its client base effectively.

Hemant Mathur, CFO Celebal Technologies said, “This debt financing from BlackSoil is tailored to our unique needs. Providing us flexibility to seize market growth opportunities while limiting short-term volatility in our cash flows without diluting equity or ownership control”.

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Funding

Digital asset trading technology firm Crossover Markets Raises $12 Million Series A Funding Round Led by Illuminate Financial and DRW Venture Capital

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Crossover to use proceeds to expand its role as the leading ECN in digital assets and bring 24/7 trading to additional asset classes

LONDON, June 26, 2024Crossover Markets, a digital asset technology firm focused on meeting the unique liquidity requirements of institutions, today announced that it has raised $12 million in its Series A funding round led by Illuminate Financial (Illuminate) and DRW Venture Capital (DRW VC). Illuminate and DRW VC join a growing list of strategic investors that includes institutions such as Flow Traders, Laser Digital, Two Sigma, Wintermute, and retail brokers such as Exness, Gate.ioGMO, Pepperstone, Trademax and Think Markets.

“This fundraise comes at a time when institutional market structure is changing in digital assets,” said Brandon Mulvihill, Co-Founder and CEO of Crossover Markets. “Prime brokerage and central clearing models are advancing, creating fungibility and exposing execution venues that hold clients captive. We are honored to welcome strategic shareholders who share our vision and passion to create the world’s leading execution-only trading venue for digital assets. Illuminate brings enormous depth of knowledge across the institutional landscape, and DRW adds significant expertise as one of the largest, multi-asset market makers in the world.”

“Illuminate Financial has been building out a portfolio of institutional grade digital assets infrastructure companies since 2019 as part of our thesis around the convergence of traditional finance and digital asset market structure,” said Mark Beeston, Founder and Managing Partner, Illuminate Financial. “Crossover adds best-in-class execution capability to that portfolio, serving both the immediate and long-term needs of financial institutions that wish to trade digital assets with a future-proof 24/7 low latency infrastructure that traditional markets are increasingly moving towards.”

“DRW VC has a proven track record of supporting early-stage companies committed to delivering market structure innovations both in the traditional and crypto markets,” said Kim Trautmann, Partner at DRW Venture Capital. “Crossover Markets was a natural fit for our portfolio, and we’re excited to support its experienced management team to deliver a best-in-class technology solution for digital asset trading that delivers superior execution while minimizing counterparty risk.”

Crossover also announced the addition of new Board Members. Mark Beeston, Founder and Managing Partner of Illuminate Financial, will join Crossover’s board of directors along with Kevin Wolf, CFO at American Financial Exchange and former CEO of Euronext FX.

Mulvihill added, “Digital assets market structure is experiencing a pivotal change driven by institutional needs and activity. Simultaneously, we are witnessing the early-stage emergence of discussions around 24/7 trading across traditional asset classes. CROSSx is designed to be among the fastest, highest-performance venues in any asset class. More specifically, we developed the platform to bring 24/7 trading, price precision and size precision characteristics to traditional markets where technology is lagging in such areas. Bolstering governance and broadening corporate strategy to address the needs of clients in this evolving landscape were atop our agenda when thinking about Board expansion. Mark and Kevin bring a wealth of experience that spans equities, fixed income, FX, and digital. We are elated to add dynamic leadership by welcoming Mark and Kevin to Crossover.”

Crossover Markets is best known for its execution-only electronic communication network (ECN), CROSSx, an institutional trading venue for digital assets. Its ultra-low-latency and quote-driven matching technology, combined with tailored liquidity and smart order routing, make it a destination for more competitive prices and overall lower trading costs.

Crossover Markets recently reported over $3.15 billion (USD) in notional trading value, 415,450 trades, and over 141 billion quotes processed on CROSSx in Q1 2024. With the added funding, Crossover Markets will continue to invest in its team and technology, further strengthening its position in the market.

About Crossover Markets

Crossover Markets is a digital asset trading technology firm focused on meeting the unique liquidity requirements of institutions in the cryptocurrency markets. CROSSx, the company’s execution-only cryptocurrency Electronic Communication Network (ECN), is powered by the industry’s fastest and most advanced matching engine and includes order logic that enables clients to choose with whom they want to trade. Led by a team with decades of FX trading, prime brokerage technology and artificial intelligence experience, Crossover is ushering the next big wave of institutions in the crypto market.

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Funding

Insure Tech platform Amplify Life Insurance secures $20M Series B funding to offer tax-efficient financial wellness to an underserved market

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amplify funding

SAN FRANCISCO, June 18, 2024 — Amplify Life Insurance, a leading digital platform revolutionizing wealth-building through permanent life insurance, announced today it has secured $20M in a Series B funding round co-led by Crosslink Capital and Anthemis. New investors Moneta Ventures and Evolution Ventures joined the round, with continued support from existing investors Greycroft, Munich Re Ventures, and Foxe Capital.

Founded in 2019, Amplify enables customers to build tax-efficient wealth through life insurance premiums, providing access to the policy’s cash value for any purpose while alive. By focusing on a customer-first experience, Amplify transforms the traditional life insurance model, making valuable permanent life insurance accessible to a broader market, including businesses seeking tax-efficient cash management solutions.

With the capital infusion, Amplify will soon be launching the first in a suite of proprietary products tailored to what customers actually want; these products will not only offer a customer-centric experience, but also strengthen unit economics. The company will also be reinforcing its commitment to strategic work in B2B channels.

Additionally, Amplify has welcomed two new Board Members to help fuel the upcoming growth and development: Michelle Cheung, prior CFO of Next Insurance, and Mark Williamson, prior COO of Masterclass.

“Our unique  approach provides customers with a simple, digital experience while offering more transparent and liquid life insurance wealth products catered towards a younger mass affluent market looking to build long term tax efficient wealth while protecting their families and assets,” said Hanna Wu, founder and CEO of Amplify. “Our expansion highlights the growing demand for innovative and tax-efficient financial solutions that prioritize customer needs and foster flexible long term wealth accumulation.”

“Amplify is disproving the notion that permanent life insurance can only be sold through the traditional agent channel,” said Amy Nauiokas, Founder and CEO at Anthemis. “We believe Amplify is connecting and strengthening the entirety of the life insurance value chain, offering direct access to a previously underserved customer segment.”

“Investing in Amplify represents our confidence in the team’s continued ability to democratize an asset class traditionally available only to the wealthy, making it accessible to underserved younger generations,” said Adoram Gaash, Managing Partner of Moneta VC.

Since its Series A funding, Amplify has achieved 200% YOY growth. The company has also developed a proprietary machine learning model for accurate customer lifetime value prediction and ranking; this advanced customer acquisition algorithm has enabled the acquisition of high-value customers, resulting in significantly higher average premiums per policy compared to industry norms. With end-to-end data capture, Amplify can better manage unit economics and focus on efficiencies in the sales funnel.

About Amplify Life Insurance

Amplify is the first digital permanent life insurance platform offering customers direct access to products where you access tax-efficient investment returns and obtain lifelong protection. It’s founded by serial entrepreneurs with industry and technology expertise looking to modernize the $70B permanent life insurance industry. Amplify provides an AI-enabled educational journey, product recommendation and quoting, and real-time pre-underwriting to help customers learn about plans and customize a policy for their needs. Founded in 2019, Amplify aims to help customers achieve health and financial wellness. Based in the San Francisco Bay Area, Amplify is open to all 50 states and has served thousands of customers.

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