Postmates founder Bastian Lehmann’s new crypto startup TipTop was flippantly teased out a couple of weeks in the past, however now the stealth startup is sharing some data on its early funding, although there’s not a lot data on what they’re really doing with that cash.
Lehmann notes that the corporate has raised a $23 million Collection A from a16z with Marc Andreessen himself becoming a member of the startup’s board. Different backers within the spherical embody Sam Altman, Naval Ravikant, Andy McLoughlin, Jeff Clavier and Dan Romero, amongst others.
The startup is protecting issues as imprecise as attainable on its web site and job listings with redacted graphics promising “shopper finance options for a altering internet” and that they’re “constructing protocols and infrastructure,” doing one thing “on the intersection of fiat and crypto.” It’s all publicly unclear, however buyers appear desirous to throw some cash behind Lehmann after Postmates’ $2.65 billion exit to Uber in mid-2020.
This spherical’s announcement comes at a tough time for the broader crypto markets after this previous week’s crash, which was brutal even by crypto requirements.
That hit is leaving loads of enterprise companies in a tricky spot and certain questioning their dedication to the sector. This lack of quantity, particularly from development companies, may make scaling a crypto enterprise tougher within the coming years if the sector is certainly on the cusp of a “crypto winter.” For repeat founders like Lehmann and ex-Meta govt David Marcus who additionally introduced enterprise backing for his new crypto startup yesterday, these points will clearly be much less pronounced.