Figment has successfully raised $52 million over three funding rounds, achieving a valuation of $1.4 billion. The platform specializes in digital asset staking, offering secure and efficient solutions for institutional clients.
Keep reading to explore the intricacies of Figment's fundraising journey and the investors backing this innovative platform.
What Is Figment?
Founded by Matt Harrop, Lorien Gabel, and Andrew Cronk, Figment is a leading provider of Proof-of-Stake infrastructure. Established with the mission to build a better Internet, the company focuses on staking services for digital assets, particularly for institutional clients.
Figment operates from multiple locations, including New York City, Toronto, and Warsaw. The company offers a range of products and solutions, such as staking apps, APIs, validators, and liquid staking, tailored to meet the needs of asset managers, exchanges, custodians, and wallets.
With a team of 201-500 employees, Figment is dedicated to increasing the usage of next-generation blockchains. Their services are designed to ensure security, performance, and rewards for their clients.
How Much Funding Has Figment Raised?
- Seed Round
- Amount Raised: $2,000,000 CAD
- Date: March 2019
- Lead Investors: Bonfire Ventures, FJ Labs, XDL Capital Group, Lemniscap VC
- Motivation Behind the Round: To provide large crypto token holders with secure and compliant staking services and support the growth of PoS-based blockchain networks.
Figment has raised a total of $2,000,000 CAD in funding, with a current valuation of $1.4 billion.
Key Investors
- Bonfire Ventures
- Details: Bonfire Ventures is a venture capital firm based in Los Angeles. They focus on early-stage investments, particularly in the technology sector.
- Investment Focus Areas: SaaS, enterprise software, marketplaces
- Notable Investments: Pipe, Boulevard, Ordermark
- FJ Labs
- Details: FJ Labs is a venture capital firm and startup studio based in New York City. They specialize in early-stage investments and have a global portfolio.
- Investment Focus Areas: Marketplaces, e-commerce, fintech
- Notable Investments: Alibaba, Betterment, Flexport
- XDL Capital Group
- Details: XDL Capital Group is a Toronto-based venture capital firm. They invest in innovative technology companies at various stages of growth.
- Investment Focus Areas: Technology, innovation, AI
- Notable Investments: Not specified
- Lemniscap VC
- Details: Lemniscap VC is a venture capital firm based in Hong Kong. They focus on investments in emerging cryptocurrencies and blockchain startups.
- Investment Focus Areas: Cryptocurrencies, blockchain, fintech
- Notable Investments: Not specified
- Angel Investors and Founders
- Details: A group of angel investors and the founders of Figment have also invested in the company. These individuals bring a wealth of experience and industry knowledge.
- Investment Focus Areas: Not specified
- Notable Investments: Not specified
What's Next for Figment?
Figment stands at the cusp of significant opportunities, particularly in staking services for major blockchain protocols like Ethereum and Solana. With a broad market reach, the potential for growth is immense, especially as institutional adoption of blockchain technologies continues to rise.
Future fundraising efforts are likely to be bolstered by this expansive opportunity. Figment's comprehensive product lineup and institutional focus make it an attractive candidate for further investment, which could help scale operations and enhance service offerings.
However, challenges such as navigating regulatory landscapes and maintaining high security standards remain. The competitive nature of the blockchain industry also poses a significant hurdle, requiring Figment to continuously innovate and adapt.
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