Former A16Z Executives Secure $25M Seed Funding for Web3 Startup Bastion
Summary:
Bastion, a startup launched by former Andreessen Horowitz (A16Z) crypto division executives, has raised $25 million in seed funding to bring web3 infrastructure to existing businesses. Despite the industry’s “crypto winter", with a significant decrease in venture capital funding, the round was successful and led by A16Z crypto. The funds will be used for operational expansion, engineering talent acquisition, and to obtain additional licenses for product diversification.
Ex-executives from the crypto department of Andreessen Horowitz (a16z), have successfully garnered $25 million in seed funding for their fresh Web3 venture, Bastion, even amid dwindling venture capital financing. Bastion publicized the release of its product suite on September 18, aiming to facilitate businesses in blending Web3 infrastructure with their present company technologies. Bastion is the brainchild of ex-chief technology officer Riyaz Faizullabhoy and former chief security officer Nassim Eddequiouaq from a16z’s crypto wing, who departed the firm in April.
The $25 million financing round saw a16z crypto, their previous employer, playing the leader. Other investors roped in for this seed funding round included Nomura Group’s Laser Digital Ventures, Robot Ventures, Aptos Ventures, and Alchemy Ventures. In its announcement, Bastion confirmed that this funding would be channeled towards enhancing company procedures, hiring elite engineering professionals, and securing more licenses to expand its product range.
Faizullabhoy, a co-founder at Bastion, elucidated that the funding round still managed to succeed despite a persisting crypto downturn. He added, “Even though crypto has plunged back into another bear cycle, it’s here for the long haul.” It’s noteworthy that crypto venture funding has observed a major decline this year. As per DefiLlama, August only saw $283 million in funding, marking a 68% decrease from the $877 million in February.
Bastion is set to offer services including custody, digital asset transactions, and wallets. Eddequiouaq, a co-founder at Bastion, explained their mission, “We developed Bastion to simplify the user experience of businesses integrating their products into a web3 environment.”
A16z crypto general partner, Arianna Simpson, expressed their excitement about supporting Bastion in their mission to provide secure, easy access to web3 for all kinds of organizations.
Earlier in the month, a16z was the lead in Story Protocol's funding round, which raised $54 million for the blockchain-based intellectual property platform. Fresher news saw the company inaugurate a new office in London in response to the continuing regulatory pressures in the United States.
Published At
9/19/2023 3:26:50 AM
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