Sequoia backs first web3 eFounders company: Multis (eF18)
Multis (eF18) raises a $7M funding round led by Sequoia to help build the financial and operational tool stack for DAOs and DeFi startups. This marks a new milestone in the life of our first web3 company and a key moment for crypto businesses, who still do not have the appropriate financial and operational tools to match their cutting-edge tech.
Before the advent of web3
WalletX was launched back in 2018 in our studio, our first foray into the blockchain arena. At the time, we had the intuition that blockchain was going to play an integral part in the future of work. That seems obvious now but back then it was a bit of a crazy leap, it was a moonshot project. Because even if crypto was gaining traction, we were still very much in the web2 era, DAOs and NFTs didn’t mean anything, to anyone, and while web3 had been coined by Gavin Woods in 2014, no one could have guessed that mainstream decentralization would happen so soon. And here were are now.
Founded by Thibaut Sahaghian and Theo Villard in 2019, Multis is a true pioneer of web3. And as the industry now goes mainstream, Multis raises a $7M funding round to build the financial and operational backbone for crypto companies: DeFi startups, NFT studios, and DAOs. Other new investors include Long Journey Ventures, Sound Ventures, and MakerDAO, as well as multiple heavy hitters in fintech and crypto including angels Paul Veradittakit, Partner at Pantera Capital; Ryan Selkis, founder of Messari; and Diogo Monica, co-Founder and President at Anchorage.
DAOs and DeFi startups- a growing but underserved community
Multis’ initial mission was to create a neobank for companies with crypto but realizing that the need was broader, Multis set out to pursue an even bolder mission. After speaking with over 150 founders in DAO and DeFi startup in 2020, Multis realized that running businesses in crypto was difficult. Why? Because companies do not have financial software that cater to their specific crypto needs: such as paying employees in crypto, paying bills in fiat but having treasury in crypto, and accounting for the funds of multiple company wallets… The list goes on.
While crypto startups are growing at an unprecedented pace, they are still very much underserved when it comes to supporting them on running a business both from an operational and financial standpoint. Multis fills that gap.
The team is building an all-in-one treasury management app. The Multis app features a crypto wallet designed for teams. Accounts come with built-in spending policies, mass payment features, cash flow management and revenue tracking across all company wallets. And Multis is now open! No longer in closed beta, companies can now create a free Multis account for all crypto-related operations.
We’re thrilled for the team at Multis and the hugely important mission they’re embarking on and believe they will become a true partner to web3 companies.
Multis has big plans and they’re hiring 15 people in engineering, product and business to make them happen. First up: develop Multis’ premium offering which includes a crypto-to-US Dollar brokerage service, wire transfers, and company debit cards. This will help companies save time and money toggling between crypto and traditional currencies.
As we further progress into the web3 era, crypto startups are increasingly in need of a trusted partner to support their fast growth & new needs. We believe Multis is perfectly positioned to take on that role.