Announcing our $1.5 Million Seed Round
For the past year and a half at Biconomy, we have been laser-focused on our mission to simplify web 3 experiences that will drive mass adoption.
We went from a simple idea and demo to making it to the Basecamp accelerator by Outlier Ventures, to launching our product, to constantly iterating it with early traction and clients, to processing over 100,000 transactions in 2020. Day by day, we are making strides to achieve our vision!
And now we welcome new partners joining us on this journey of ours. We are excited to announce the closing of our $1.5 million seed round led by Eden Block with participation from other top investors including Fenbushi Capital, Binance, DACM, Outlier Ventures, Zee Prime Capital, Woodstock Capital, and MiH Ventures.
We are also grateful for incredible angel investors including Meher Roy (Co-founder of Epicenter and Chorus One), James Simpson (CEO of mStable), Dr. Marwan Alzarouni (CEO of Dubai Blockchain Center), Charles Read (Rarestone Capital), Elias Simos (Bison Trails and Decentral Park Capital), Freddie Farmer, Etienne vantKruys (TRG Capital) and more!
The Biconomy team have set out to solve some of the most important issues faced by crypto networks on the way to mass-adoption. The closing of their seed round will enable the team to scale their products and deepen their impact. We are incredibly proud to be supporting Ahmed and his talented team so early in their journey.
- Lior Messika, Founder and Managing Partner at Eden Block
DACM is excited to have the opportunity to invest in Biconomy. Improving the UX is a key element of further accelerating adoption of DeFi and other blockchain use-cases. Ahmed and the Biconomy team’s solutions reduce transaction friction whilst also freeing dev teams to spend more time focusing on the value-adding ideas unique to their project.
- Richard Galvin, CEO at DACM
Simplifying Transactions is Critical for Web3 adoption
Every interaction with a web3 service and/or Dapp is a complex transaction for users. Thus, simplifying the transaction experience is critical for Web3 projects. Currently, there are various friction points such as complicated onboarding, the necessity to pay gas, understanding crypto wallets, spending ETH for every action, slow and stuck transactions, interacting with layer 2, managing layer 2 exits and more. These are crucial issues that are yet to be solved at the crypto transactional layer.
To put this in perspective, in Ethereum there are over 136 million unique addresses, of which only 500,000 are daily active users. This clearly shows how far away we are from any real adoption. One of the many causes for this chasm to higher adoption is the high friction points we see in Dapps today. Interacting with a Dapp or DeFi protocol is still complicated enough to deter most people. And it even hinders the experience for crypto savvy users too! To solve this in house, developers of Dapps would have to put in significant time, resources and energy to remove these friction points.
Why Biconomy?
At Biconomy, we are helping developers enable a simple and customized transaction journey in their Dapp’s so that their end-users don’t get frustrated by blockchain complexities. We now enable a gasless frictionless trading experience on Perpetual Protocol. Decentral Games leverages our relayer network to sponsor gas on behalf of users. We also help improve the gaming experience on Zed Run.
By removing the heavy friction that exists today at the crypto transactional layer, this alone will make significant strides in expanding markets and generate way more activity than we are seeing in today’s crypto markets, and more importantly, reduce the high levels of drop-off activity. And we are making that happen through our powerful APIs and SDKs that utilises a concept called meta transactions. By enabling this for developers at scale, our API saves developers significant time and effort where our API is easily used to build user-centric applications in only a couple of lines of code.
Netflix does not charge its users a (AWS) fee every time they watch a video, so why should Dapps charge users a gas fee for every interaction?
Biconomy will play a vital role in the blockchain infrastructure
“As the blockchain development space matures, we are going to see an increased demand for developer tools such as Biconomy that help developers build awesome products. And one of the most important areas where developers would need some help is transaction management. That’s why we think Biconomy has a bright future ahead.”
- Jamie Burke, CEO at Outlier Ventures
Our number one priority has always been making the lives of developers easier. To that end, our initial V1 launch allowed Dapps to enable gasless transactions within 3 lines of code. They can also improve their UX by allowing users to not worry about switching networks/RPC, processing transactions via default Ethereum mainnet only. And there is lot more coming soon!
We have high ambitions for the future and believe we can play a major role in making web3 products as intuitive and widespread as web2 products. Very soon, we are launching Forward, which will allow users to pay gas fee in ERC20 tokens and stablecoins. We are also working with various partners to enable instant fund transfers to enter and exit L2s (👀!).
Thus, we are extremely excited to have world-class investors on board to achieve our mission together. The seed round funding will help us grow our team, expand our platform, and scale our operations. We have a clear vision in becoming the de-facto transaction infrastructure for the decentralized web.
This is a new chapter for our small but passionate team. These are exciting times!
We would love to have you ride along. Join our Twitter, Telegram, and Discord communities. We are also hiring! Come work with us to disrupt the digital economies of the future.
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