As a natural extension of digital ownership, one of the first and most obvious blockchain use cases is fundraising. However, in the immature and fast-growing web3 industry, tools to efficiently manage early-stage fundraising processes are lacking.
Attempting to change this, Norway-based management platform for community-driven web3 funding, Presail has raised $3.8 million in an oversubscribed seed round. The funding was led by SNÖ Ventures and backed by Kraken Ventures, the venture arm of one of the largest crypto exchanges worldwide, Skyfall Ventures, and Weekend Fund, led by Ryan Hoover, founder of Product Hunt. The funding will enable the company to roll out its new product offerings faster.
Founded in 2021, the management platform for community-driven funding in web3 is giving customers a single source of truth, and the ability to easily collaborate, manage cap tables, automate vesting schedules, and implement KYC and AML. The platform allows anyone to come together and raise capital towards a common goal to invest in an early-stage web 3.0 project in return for tokens or pooling funds to bid on a digital asset up for auction. According to the startup, Presail’s customers have raised close to $100 million from thousands of investors worldwide through the platform in just 4 months.
Sebastian Almnes, Presail’s CEO and co-founder said: “We’re ten months in, and I’m grateful for having some of the strongest funds and angel investors in our corner. Now we’re ready to double down and keep showing that we can create innovative solutions that solve complex problems.”
Max Samuel, partner at SNÖ Ventures, added: “Presail is accelerating the safe and compliant expansion of the web3 investment landscape by providing a burgeoning community with critical, user-friendly tooling and infrastructure. Presail removes the operational friction, labor, and risk prevalent in today’s manual web3 investment processes, attracting new market participants into the space, and allowing investors to focus on their core mission of identifying and supporting great projects.”
Espen Malmo, managing partner at Skyfall Ventures concluded: “In the immature and fast-growing web3 industry, tools to efficiently manage early-stage fundraising processes are lacking. Presail elegantly solves this with their product and helps investors and crypto communities to move away from excel-sheets and time-consuming manual processes.”