Investment platform Titan raised $58 million in a Series B round led by venture capital firm Andreessen Horowitz (a16z). The company’s market capitalization reached $450 million.
Announcing our $58 million Series B led by Andreessen Horowitz (@a16z) alongside all-star athletes and celebrities like Kevin Durant (@KDTrey5), Odell Beckham Jr (@obj), Jared Leto (@JaredLeto), and Will Smith. 1/6https://t.co/JsB1RKxYzZ
— Titan (@titanvest) July 20, 2021
Among other investors are General Catalyst, BoxGroup, Sound Ventures of Ashton Kutcher, as well as a number of celebrities, including Will Smith and Jared Leto. Under the terms of the deal, Andreessen Horowitz’s general partner Anish Acharya will join the company’s board of directors.
The firm positions its product as the first investment platform that allows retail investors to entrust their capital to managers to implement one of the chosen active-management strategies.
Currently Titan offers three programs:
- Flagship — focused on large-cap American companies;
- Opportunities — focused on American mid- and small-cap companies;
- Offshore — focused on international companies.
In early August, the platform will add a crypto-focused strategy Crypto. Titan says the program will be the only actively managed cryptocurrency portfolio available to U.S. investors.
Titan has already opened a waitlist. Early users of the initiative will be exempt from commissions and advisory fees.
Since launch, access to the crypto strategy will be available to all U.S. residents except New York. The product will appear there when Titan’s custodial partner obtains approval from local regulators.
The funds raised will be used to launch the cryptocurrency service, develop the core platform and expand the workforce.
According to VentureBeat, Titan grew 500% over the past 12 months. The company expects assets under management to reach $1 billion by the end of 2021.
As reported, in the first half of 2021 venture funding in the blockchain and digital assets industry reached $8.8 billion. During that period, participants in the sector accounted for 20% of all fintech investments.
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