- Superstate announced it raised $14 million in a Series A funding round.
- The round was co-led by CoinFund and Distributed Global and included several venture capital participants.
- Superstate will use the proceeds to grow its team and to fund private investment vehicles.
Superstate, an asset management firm building modern infrastructure for investment funds using blockchain technology, has announced it raised $14 million in its Series A financing.
The round was co-led by CoinFund and Distributed Global and saw participation from Galaxy Ventures, Arrington Capital, Breyer Capital, Road Capital, CMT Digital, Folius Ventures, Modular Capital, Nascent, Hack VC and Department of XYZ.
Superstate plans to deploy the capital to expand its team and accelerate product development. According to the company’s announcement, the financing will also support the launch of private funds aimed at institutional investors.
The company noted the funds will help build “a framework for compliant, tokenized, publicly registered investment funds,” reflecting its focus on regulatory-aligned blockchain solutions for traditional financial products.
2/2 This financing will help us expand our team (we’re hiring!), launch private funds for institutional investors, and create a framework for compliant, tokenized, publicly registered investment funds. https://t.co/1kg5GE2VPn
— Superstate (@superstatefunds) November 15, 2023
Earlier in the year, Superstate filed with the U.S. Securities and Exchange Commission (SEC) seeking approval to create a short-term government bond fund on the Ethereum blockchain, signaling its intent to bridge traditional fixed-income products with tokenization.
Superstate was co-founded by Robert Leshner, the founder of the decentralized finance platform Compound.