Multisafe Inc, which operates crypto treasury management and infrastructure platform, Coinshift has raised $15 million (around Rs 115.5 crore) in a Series A funding round led by Tiger Global.
The company will use the funds to launch its latest version in beta next week, which will be available through a waitlist, it said in a statement.
With Coinshift’s version 1, we built a mass payout platform. Now, we intend to unveil the second version that will build a sophisticated multichain treasury infrastructure for Web3, Tarun Gupta, founder, Coinshift said.
The round also saw participation from existing investor Sequoia Capital India, Alameda Ventures, Spartan Group, Ethereal Ventures, Alpha Wave Capital, HashKey Capital, Quiet Capital, Polygon Studios, Volt Capital, and over 300 other angel investors from the crypto and fintech spaces.
Some other prominent names from the ecosystem that invested in the Web3-focused fintech were Polygon co-founder, Sandeep Nailwal; FalconX founder, Prabhakar Reddy; Behance founder, Scott Belsky and former senior executive at Airbnb, Lenny Rachitsky.
Founded by Gupta in 2021, Coinshift enables decentralised autonomous organisations (DAOs) and crypto businesses to manage cash reserves, general financing, and overall risk.
According to its website, the company manages more than 1,200 safes, over $1.2 billion in assets and more than $82 million in payouts for organizations like Consensys, Messari, Biconomy, Uniswap, Perpetual Protocol, Balancer and many others since its inception.
“We’ve been impressed by the pace of product development at Coinshift. It’s clear there is a huge need for crypto native treasury management and payments, and we are excited to back Coinshift as they roll out the next iteration of the platform,” said Alex Cook, Partner, Tiger Global.
In September 2021, the crypto treasury management platform raised $2.5 million in a seed funding round from existing investors Sequoia Capital India, ConsenSys Mesh, Ehereal Ventures, Gnosis, among others. There was no lead investor for the startup’s seed funding round.