Blockchain startup founded by Compound founder raises $14m

Superstate, focused on managing tokenised RWA-assets, has raised $14m.

1/2 We’re thrilled to announce our Series A financing, led by @DistributedG & @Coinfund_io, with Breyer Capital, @GalaxyHQ, @Arrington_Cap, @RoadCapMgmt, @CMT_Digital, @FoliusVentures, @Nascentxyz, Hack VC, @Modular_Capital, Department of XYZ, and angel investors participating.

— Superstate (@superstatefunds) November 15, 2023

The round was led by CoinFund and Distributed Global. Participants included Arrington Capital, Breyer Capital, CMT Digital, Folius Ventures, Galaxy Digital, Hack VC, Modular Capital, Nascent, Road Capital Management and the XYZ unit.

Led by the founder of the DeFi platform Compound, Robert Leshner, the startup will deploy the funds to expand the team and create regulated private funds for institutional investors in the United States.

“To date, first-generation tokenised funds have struggled – they either operate within private blockchains, or exist in offshore entities, depriving U.S. investors of access,” заявил Лешнер.

According to CoinFund founder and CEO Jake Brukhman, Superstate’s approach could bridge the gap between high-quality, compliant financial products that meet the requirements, and the vast advantages and innovations that DeFi can offer.

In June the startup filed an application with the SEC to launch an open-ended mutual fund based on Ethereum.

Bernstein analysts estimate that tokenisation could reach assets worth $5 trillion over the next five years.