The financial technology firm, Multis announced today that the company has raised $7 million in a funding round led by Sequoia Capital. Through the recent funding, the company is planning to expand its team with the recruitment of 15 more employees across its business, product and engineering departments in Europe and the US.
Backed by Long Journey Ventures, Sound Ventures and UDHC, along with investors like Paul Veradittakit, Ryan Selkis and Diogo Monica, Multis saw a rise in demand for its services during the past few months.
With an aim to facilitate Web3 businesses and DAOs in the management of their crypto finances, Multis is planning to use the funds to increase its operations.
“Speaking of the demand, we see no signs of it slowing down. Within 2 weeks of taking our accounts out of beta, we tripled our users and grew AUM exponentially. While we know that web3 is the future of entrepreneurship, we strive to earn trust in a trustless world, growing our team to ensure not only an excellent product but also a white-glove service. 2022 is set to be an exciting year in web3 and one of great growth at Multis,” Thibaut Sahaghian, the CEO of Multis, said.
Crypto and Web3
Crypto companies raised billions of dollars in 2021, and the venture capital funding in the emerging asset class broke all previous records. The overall value of crypto fundraising deals climbed by 645% in 2021 along with a monumental rise in M&A activities. Furthermore, web3 has become an important sector for global venture capital firms.
“In 2019, I had to 'build the case' for companies running their businesses on crypto. Today, crypto businesses are here and the real lack of tooling to support their needs is obvious to not only those who’ve been in the space for years but also to newcomers. We have always believed that web3 would unleash a wave of global entrepreneurship, and it’s so exciting seeing this happen in real-time,” Sahaghian added.
