Postmates founder bankrolls $23 million to his new crypto startup TipTop – TechCrunch

Founder of Postmates Bastian Lehmann, New Cryptocurrency Startup of TipTop was revealed a few weeks ago, but now the stealthy startup is sharing some information about its initial funding, although not much is known about what it actually does with the number. that money.

Lehmann noted that the company raised $23 million Series A from a16z with Marc Andreessen himself joining the startup’s board. Other backers in this round included 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 its re-edited graphic job listing promises “consumer finance solutions for a changing web” and that they are “building protocols and infrastructure,” doing something “at the intersection of fiat money and cryptocurrencies. It’s all not clear publicly, but investors seem eager to throw some money at Lehmann after Postmates pulled $2.65 billion into Uber in mid-2020.

The announcement of this round comes at a difficult time for the broader crypto markets following last week’s crash, which was even devastating by crypto standards.

That blow is leaving many companies venturing into a quandary and potentially questioning their commitment to the sector. This lack of volume, especially from growth companies, could make it more difficult to scale the crypto business in the coming years if the sector is indeed at its peak. “crypto winter”. For repeat founders like Lehmann and former Meta CEO David Marcus, who also announced venture support for his new crypto startup yesterday, matters This will obviously be less obvious.

Registration TechCrunch Crypto Newsletter “Chain Reaction” for news, funding updates, and exciting content about the wilds of web3 – and listen to our companion podcast!

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