The Web3 market is a hot commodity in tech as of late. More than $30 billion in venture capital funding was poured into crypto startups globally last year, and despite crypto investments being down 26 percent in the first half of 2022, emerging startups in the space are still pulling in dough.
Meow, a corporate-centered startup that helps businesses participate in crypto investments, raised $22 million on Monday in a Series A round led by VC giant Tiger Global. Other participants in the round include QED Investors and FTX, a cryptocurrency exchange market.
With its fresh funds, NYC-based Meow is focusing on product development and hiring for its marketing, sales and engineering teams.
“Nobody believed us when we said corporations would want to participate in crypto markets,” Brandon Arvanaghi, Meow co-founder and CEO, said in a statement. “Access to crypto yield is just the beginning. We’re coming for it all. We’re committed to making Meow the one-stop shop for corporate finance.”
Meow launched earlier this year and prior to its recent raise, the startup secured a $5 million seed round last November from Coinbase Ventures, Lux Capital and others, according to Crunchbase.
Since then, Meow has reportedly grown to nearly $100 million in corporate crypto assets under management, according to a company statement. Meow focuses on providing investment returns that can potentially exceed the return offered on traditional savings accounts, according to the startup.
“Meow’s prioritization of risk management and compliance is filling a gap in the market for corporate crypto treasury management,” Alex Cook, a partner at Tiger Global, said in a statement. “We are excited by the vision to build a comprehensive suite of treasury and payment products, and the team has the right set of experiences to deliver on the roadmap.”
