Bastian Lehmann, the creator of Postmates, has launched a new crypto firm called TipTop, which has shared some information about its early investment, but not much about what they’re really doing with the money they’ve received so far.
With Marc Andreessen on its board, a16z has invested $23 million in the company’s first round of funding. The round also included Sam Altman, Naval Ravikant, Andy McLoughlin, Jeff Clavier, and Dan Romero as investors.
With censored images promising “consumer financial solutions for a changing web” and “developing protocols and infrastructure, doing something ‘at the junction of fiat and crypto’ on its website and job advertising,” the business is keeping things as unclear as possible. After Postmates’ $2.65 billion sale to Uber in mid-2020, investors are willing to invest in Lehmann.
Following last week’s devastating crypto market fall, this round’s release comes at a bad moment for the larger crypto markets.
As a result of this setback, a number of venture capitalists may be reconsidering their commitment to the industry. If the market is actually on the verge of a “crypto winter,” this lack of volume, particularly from growing companies, might make expanding a crypto company more challenging. These problems will be less significant for repeat entrepreneurs like Lehmann and ex-Meta CEO David Marcus, who also disclosed venture funding for his new cryptocurrency business yesterday.
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