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Postmates founder banks $23 million for his new crypto startup TipTop – TechCrunch

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Postmates founder Bastian Lehmann’s new crypto startup TipTop was evenly teased out a number of weeks in the past, however now the stealth startup is sharing some data on its early funding, although there’s not a lot data on what they’re truly doing with that cash.

Lehmann notes that the corporate has raised a $23 million Sequence A from a16z with Marc Andreessen himself becoming a member of the startup’s board. Different backers within the spherical embody Sam Altman, Naval Ravikant, Andy McLoughlin, Jeff Clavier and Dan Romero, amongst others.

The startup is maintaining issues as obscure as potential on its web site and job listings with redacted graphics promising “client finance options for a altering net” and that they’re “constructing protocols and infrastructure,” doing one thing “on the intersection of fiat and crypto.” It’s all publicly unclear, however traders appear desperate to throw some cash behind Lehmann after Postmates’ $2.65 billion exit to Uber in mid-2020.

This spherical’s announcement comes at a tough time for the broader crypto markets after this previous week’s crash, which was brutal even by crypto requirements.

That hit is leaving loads of enterprise companies in a tricky spot and sure questioning their dedication to the sector. This lack of quantity, particularly from progress companies, might make scaling a crypto enterprise harder within the coming years if the sector is certainly on the cusp of a “crypto winter.” For repeat founders like Lehmann and ex-Meta govt David Marcus who additionally introduced enterprise backing for his new crypto startup yesterday, these points will clearly be much less pronounced.

Subscribe to TechCrunch’s crypto newsletter “Chain Reaction” for information, funding updates and sizzling takes on the wild world of web3 — and take a hearken to our companion podcast!

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