The period following the release of Tinlake has seen an overwhelming growth -in and around- Centrifuge. We started a close collaboration with the Maker Foundation in anticipation of Multi Collateral Dai launching on November 18th, simulating a reality where tokenized real-world assets will be used as collateral to take out loans in Dai. These successful projects have seen USD 250K worth of loans extended, which you can read more about on our blog.
In parallel, the time was ripe to add additional fuel to our growth. Fuel that would allow us to expand the team and support our growing number of partnerships, within the DeFi community, but also, importantly, beyond crypto and into the world of assets providers in need of liquidity and traditional capital providers and funders.
The wild space in which we work, build and create, is located at the intersection of frontier tech, decentralized finance, FinTech, and enterprise. Hence we require a careful selection of investors to support us in all of these areas as much as possible. The potential of bringing real-world assets on-chain, unlocking value that expands thousandfold beyond current crypto market caps, is a tremendous endeavor. Our choice of investors reflects how we envision to bridge the old and new worlds.
We are extremely proud to have raised an additional USD 3.7M, led by Crane Venture Partners out of London. Krishna and Scott are veteran investors who bring deep knowledge of enterprise, SaaS and AI with them, areas that have been and will become even more important for Centrifuge going forward.
The round was joined by Atlantic Labs, from Berlin, strengthening our presence in the city we love. In addition, Inflection Capital, Compound’s Robert Leshner, and Fabric Ventures joined the round to further cement our commitment to the crypto and blockchain space and will support us in our mission to build a bridge between traditional and decentralized finance. Our existing investors Mosaic Ventures, BlueYard Capital and Semantic, have also participated, continuing to bring their solid and broad expertise to the table.
The new capital comes in addition to a EUR 1.4M grant from Berlin and the European Regional Development Fund (ERDF), that we received earlier this year, which will also be used to grow the team to tackle the challenges ahead. This includes the launch of the Centrifuge Chain in 2020.
Krishna Visvanathan, founder of Crane Venture Partners said
Centrifuge was one of the few decentralized plays that appealed to us with its original focus on supply chain financing. The growth and evolution of Tinlake and the broadening of real-world assets that can now be financed coupled with the collaboration with the Maker Foundation makes Centrifuge one of the most exciting broad based decentralized companies for us. It’s been a pleasure to work with the team and our co-investors and we look forward to supporting the company as they scale globally
Would you like to join our team of incredibly smart and nice people? We have a few open positions at our office in Berlin. Check out our openings here
In the meantime, if you have any questions, shoot us an email!