🌊The Fintech Wave(#21)
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🌊The Fintech Wave(#21)
TLDR; Meet the VC GOAT🐐. OpenSea acquired Dharma Labs. Insurtech for multi-family properties raises $15.4M. Mastercard + Coinbase. The “coldest” crypto wallet so far. Check the Tweets and Threads at the end.
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Europe News and Funding
Cold crypto wallet from Belgium raised $6M
Cyber thefts in the crypto world are becoming a common thing and millions are lost almost every day, so there is a global demand for more secure crypto storage solutions. NGRAVE build the world's “coldest” crypto hardware wallet and raised $6M. Their wallets are fully offline hardware wallets, your private keys are never exposed to any online device. But that comes with a high price tag, $473 for the entry-level model.
In 2020, the startup launched a campaign on IndieGoGo and Kickstarter ever and raised $450,000 from 1,225 backers.
Americas News and Funding
🏠Insurtech for multi-family properties raises $15.4M
Honeycomb is trying to reinvent real estate insurance with AI. The startup is focused on multi-family properties and claims that they are the only place where you can buy a condo/apartment building master policy online in less than 5 minutes.
Another selling point is that you can insure your property without anyone having to visit in person, which is not the case with the majority of traditional insurers. The landlord can snap a few quick property pics and receive a quote.
Currently, they operate in 4 states in the US - Illinois, Arizona, Michigan, and Ohio.
Facet Wealth Secures💰 $100 Million
Facet Wealth is a fintech company that offers subscriptions to personalized financial advice. Facet Wealth has a fixed subscription-based fee structure - most financial advisors have an AUM-based fees (Assets Under Management) fee structure.
Interesting thing is that it is impossible to find out the subscription price on the Facet Wealth website. After some research, I found out that pricing is based on the complexity of advice a client requires. Fees range from $1,800 to $6,000, a year depending on how complex your financial needs are. Pretty expensive IMHO, since their target market is 40 million underserved American households. The company serves around 10 thousands clients.
Initialized Capital founder, Garry Tan is a VC🐐
Initialized Capital Fund I ($7M) had a return of almost 60 times committed capital net of fees. Initialized invested in Coinbase in 2012. At the IPO, the fund's $6 million of invested capital in Coinbase was worth $680 million. Now he raised another $700M.
Crypto ₿ites
After raising $300M, OpenSea🖼️ acquired Dharma Labs
Digital wallet service, Drahma Labs is acquired by OpenSea for an undisclosed amount.
Nadav Hollander, CEO of Drahma Labs is now a new CTO of OpenSea. As a part of the deal, Drahma Labs will shut down and users will have just one month to offload assets from the wallet to a different account, so act quickly if you have any assets there.
Mastercard💳 + Coinbase
Mastercard announced a partnership with Coinbase to let people use their Mastercard cards to make purchases on Coinbase’s upcoming NFT marketplace. This will make NFTs more accessible because currently, the process of buying NFTs is still a bit complex to attract a wider audience. Most NFT marketplaces require that you purchase cryptocurrency first, add it to a secure wallet, and then connect that wallet to the marketplace, a process that obviously isn’t as simple as your typical online purchase.
