Postmates founder banks $23 million for his new TipTop crypto startup – TechCrunch

TipTop, the new crypto startup from Postmates founder Bastian Lehmann, was lightly teased a few weeks ago, but now the stealthy startup is sharing some information about its initial funding, although there isn’t much information on what they are actually doing with that money.

Lehmann notes that the company raised a $23 million Series A round from a16z with Marc Andreessen himself joining the startup’s board. Other round backers include Sam Altman, Naval Ravikant, Andy McLoughlin, Jeff Clavier and Dan Romero, among others.

The startup keeps things as vague as possible on its website and job postings with redacted graphics promising “consumer finance solutions for an evolving web” and that they’re “building protocols and infrastructure” , do something “at the intersection of fiat and crypto.” It’s all unclear publicly, but investors seem keen to throw cash behind Lehmann after Postmates’ $2.65 billion exit to 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 brutal even by crypto standards.

This success leaves many venture capital firms in a difficult situation and probably calls into question their commitment to the sector. This lack of volume, especially from growing companies, could make it more difficult to scale a crypto business in the years to come if the sector is indeed on the cusp of a “winter.” cryptography”. For recurring founders like Lehmann and former Meta executive David Marcus, who also yesterday announced corporate support for his new crypto startup, these issues will obviously be less pronounced.

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