Bware Labs Series A Investment Round
Less than 10 months have passed since we completed our seed investment round, raising 1M USD, at a 7M USD valuation for our company. At the time, we were very happy with this achievement, the team was young, the product was more of an idea. We’d like to believe that, in the short time that passed since then, we matured a lot. The team grew, both in numbers and experience, the product evolved from an early alpha release to a platform for generating endpoints used in production by many successful projects. Aside from this, we have assisted some of our partners with customized infrastructure deployments to meet their every need.
While working closely with so many projects, we identified a lot of new features that are in great demand and that we can build efficiently into our portfolio. Since we still have a lot of work to put into our main product, we saw only one possibility to enable us such a quick growth, to be able to support both our main product development and the new offerings: a new investment round.
So we’ve started working towards that in the last couple of months. We’re pleased to report that we have raised 6M USD, at a 50M USD valuation. We were able to convince big names to join us and are very happy with the structure of the cap table: VCs, big projects, validator companies and well-known angels, all of whom we believe can bring a lot of value and increase the momentum of our growth. The offers we received surpassed again what we were willing to put on the table, so we were forced to decline some good opportunities. That’s always a hard thing to do, but ultimately we had to do what we thought was best for the company.
We want to thank our new (and renewed) partners and assure them that we are fully committed to bringing Bware Labs to new heights together. At the same time, we are very eager to share with you our progress, through new releases and announcements coming soon. Keep close as we pursue our objective of providing high quality, high-performance decentralized infrastructure for as many blockchains as possible.
Here are our new investors:
- Hypersphere
- Blizzard
- Infinity Ventures Crypto
- Woodstock
- Figment
- Axia 8 Ventures
- Coingecko Ventures
- Nexo
- Connext
- Kosmos Ventures
- Impossible Finance
- Nabais Capital
- AVentures DAO
- Subsquid
- 3 Chaps Capital
- Stakeborg
Return investors from seed round:
Angels:
- Ganesh and Erik (Covalent)
- Derek Yoo (Purestake)
- Aurel Iancu (Dokia Capital)
- Delroy Bosco (Polygon)
- Alex Smirnov (deBridge)
- Batu (ex-Binance)
- Michael Chen (Fantom Foundation)
- Etienne (TRGC)
- Danish Chaudhry
Below you can check out what some of our new investors had to say about why they chose to partner with us and a few thoughts from our CEO.
“Hypersphere is excited to partner with Bware Labs on this opportunity. The team’s expertise and vision will enable builders to focus on developing multi-chain applications while eliminating much of the costly infrastructure overhead. Bware has built a strong team of experts who are capable of meeting the requirements of today’s projects while simultaneously scaling to meet the needs of future chains and customers.” — Brian Weaver, Engineering Manager at Hypersphere.
“Bware Labs is playing a key role in expanding and hardening the infrastructure available to builders across the Avalanche community,” said Lydia Chiu, Vice President of Business Development at Ava Labs, on behalf of Blizzard. “We look forward to seeing its team and technology take the next leap forward.”
“We are very excited to have finalized this investment round, for two main reasons: One is about the strength we brought into our team, by onboarding experienced investors, from both crypto and traditional finance, big tech projects and fellow infrastructure players. The other reason is related to our company’s growth and the expansion of our tech offering which can now happen at an accelerated pace due to the financing we were able to secure and the support of our investors. Of course, the vote of confidence received from new and repeated investors from our seed round, less than 10 months ago, are also bringing much pride to our team. We are now able to scale our plans for the years to come.” — Flavian Manea, CEO of Bware Labs.
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