Postmates founder Bastian Lehmann’s new crypto startup TipTop was lightly teased out a few weeks ago, but now the stealth startup is sharing some info on its early funding, though there’s not much info on what they’re actually doing with that money.
Lehmann notes that the company has raised a $23 million Series A from a16z with Marc Andreessen himself joining the startup’s board. Other backers in the round include Sam Altman, Naval Ravikant, Andy McLoughlin, Jeff Clavier and Dan Romero, among others.
The startup is keeping things as vague as possible on its website and job listings with redacted graphics promising “consumer finance solutions for a changing web” and that they’re “building protocols and infrastructure,” doing something “at the intersection of fiat and crypto.” It’s all publicly unclear, but investors seem eager to throw some money behind Lehmann after Postmates’ $2.65 billion exit to Uber in mid-2020.
This round’s announcement comes at a rough time for the broader crypto markets after this past week’s crash, which was brutal even by crypto standards.
That hit is leaving plenty of venture firms in a tough spot and likely questioning their commitment to the sector. This lack of volume, specifically from growth firms, could make scaling a crypto business more difficult in the coming years if the sector is indeed on the cusp of a “crypto winter”. For repeat founders like Lehmann and ex-Meta executive David Marcus who also announced venture backing for his new crypto startup yesterday, these issues will obviously be less pronounced.
Subscribe to TechCrunch’s crypto newsletter “Chain Reaction” for news, funding updates and hot takes on the wild world of web3 — and take a listen to our companion podcast!
Source: TechCrunch
Hi there! My name is Peter Kavinsky, and I am an author at CableFreeTV.org. I am passionate about journalism, and I bring my years of experience and love for news to my role as a writer for this incredible platform.
I graduated from the University of California, Berkeley with a degree in Journalism, and I have spent the last ten years writing for a variety of news outlets. My experience includes covering topics such as politics, business, entertainment, and technology for major news organizations like The New York Times, CNN, and MSNBC.
As a writer for CableFreeTV.org, my primary responsibility is to collect and publish news articles from around the world. I am dedicated to providing our readers with accurate, reliable, and timely news coverage on a wide range of topics. I believe that access to quality news and information is crucial for a well-informed society, and I am committed to doing my part to ensure that our readers have the latest and most important news at their fingertips.
When I’m not writing, I enjoy reading, traveling, and spending time with my family. I am also a sports fan, and I love cheering on my favorite teams. As an author at CableFreeTV.org, I feel incredibly fortunate to be part of a team that is committed to providing our users with the best possible streaming experience and access to the latest news and information from around the world.