- Superstate announced it raised $14 million in its Series A funding round.
- The round was co-led by CoinFund and Distributed Global, and attracted participation from several venture capital firms.
- Superstate will use the money to expand the team, finance private funds.
Superstate, an asset management firm looking to modernise infrastructure for investment funds via blockchain technology, has announced it raised $14 million in its Series A funding round.
The funding round was co-led by CoinFund and Distributed Global, with participation from Galaxy Ventures, Arrington Capital, Breyer Capital, Road Capital, CMT Digital, Folius Ventures, Modular Capital, Nascent, Hack VC and Department of XYZ.
The firm plans to utilise the capital injection to hire new talent as they look to expand the team. According to a news release on Wednesday, the financing will also go towards private funds targeted for institutional investors.
A post highlighting the funding round on X noted that resources will also be expended on “a framework for compliant, tokenized, publicly registered investment funds.”
2/2 This financing will help us expand our team (we’re hiring!), launch private funds for institutional investors, and create a framework for compliant, tokenized, publicly registered investment funds. https://t.co/1kg5GE2VPn
— Superstate (@superstatefunds) November 15, 2023
In June this year, Superstate filed for regulatory approval from the US Securities and Exchange Commission (SEC) to create a short-term government bond fund on the Ethereum blockchain.
Superstate was co-founded by Robert Leshner, the founder of decentralised finance (DeFi) platform Compound.