Y-Combinator and efounders alumni Multis has closed a $7 million funding round led by industry titan Sequoia Capital. The startups’ service is an all-in-one crypto finances management tool that works in concert with Gnosis, a highly trusted platform for managing digital assets on Ethereum.
With the new funding, Multis intends to effectively double the team size and welcome 15 new full-time employees to the ranks in both Europe and the US. Additionally, new product offerings that include a crypto-to-US Dollar brokerage service, wire transfers, and company debit cards are all in the works.
Driven by the undeniable rise of web3 and DAOs, Multis founder Thibaut Sahaghian got to thinking. And then listened. To approximately 150 founders, COOs, and CFOs of these companies, and noticed a recurring theme: all of them were dreadfully underserved when it came to real-world, usable business tools that would help them further propel their businesses.
"DeFi companies, NFT studios, or DAOs are cutting-edge in terms of tech. But their business tools are prehistoric: most crypto founders still struggle to perform basic financial operations that are essential to running a business, like getting visibility on cashflow," explains Sahaghian. "They end up creating their own solutions piecemeal- often a shared spreadsheet. Some of the most brilliant founders live in fear that their operational set-up will fall apart and they'll end up losing money because they don't have a clear understanding of their finances, or that team members will misuse funds."
To address this dire need, the trio set to work to build a crypto asset management app that houses a dashboard that monitors crypto assets across multiple wallets and chains; simplifies crypto accounting; and allows teams to manage company spending with more granularity thanks to an integration with Gnosis safe multi-signature wallet.
On Multis’ offer, Compound Labs founder Robert Lesher commented, “Crypto business operations are the unspoken pet-peeve of DeFi entrepreneurs. In creating a wallet designed for companies, Multis professionalizes and automates some of the most grueling parts of running your business with crypto.”
Multis’ $7 million funding round was led by Sequoia Capital and saw participation from new investors Long Journey Ventures, Sound Ventures, and MakerDAO, as well as a number of angel investors including Paul Veradittakit, Partner at Pantera Capital; Ryan Selkis, founder of Messari; and Diogo Monica, co-Founder and President at Anchorage. eFounders, Y Combinator, and White Star Capital all followed on.
"Crypto businesses are bursting onto the scene every day as the industry goes mainstream. These companies all have to track cashflow, do reporting, control spending and make payroll just like any other business, but require financial tools catered to their specific crypto needs. Multis is uniquely positioned to provide a new generation of entrepreneurs with an all-in-one solution for cashflow and spend management,” concluded Sequoia’s Stephanie Zhan.