Profit Pulse: Crypto Chemistry

This week’s highlight covers Oobit’s $25M Series A round, which the company will use to advance its cryptocurrency gateway into traditional commerce.

Table of Contents

• Profit Pulse: Crypto

  • Deal of the Week: Oobit’s $25M Series A

  • Weekly Deal Flow Takeaways

    • Private Fundraises

    • M&A

Deal of the Week: Oobit’s $25M Series A

• Oobit’s $25M Series A Round

  • Founded: 2017

  • Team Size: 11-50 employees

  • Location: Singapore

  • Chains: Multichain

Problem: Spending cryptocurrencies in traditional business settings has friction.

Solution: Oobit’s “Tap & Pay” functionality aims to make electronic payments as easy as using a credit card or Apple Pay.

Core Differentiation: From their recent press release: “Oobit provides the gateway to spending cryptocurrencies in traditional commerce settings. Consumers pay with their crypto, but merchants receive fiat money, exactly like a typical credit card transaction. While consumers and merchants experience a simple Tap & Pay solution, numerous critical processes and transactions occur behind the scenes in near-real-time, allowing for complete seamlessness.”

Upcoming roadmap items:

• The company will use the funding to extend its capabilities to allow for external third-party wallets.

• This will transition Oobit into a non-custodial crypto payments app, and will allow external wallets to “Tap & Pay” with crypto anytime, anywhere, just by connecting via the Oobit app.

Weekly Deal Flow Takeaways

Fundraises: 10 deals; $92M identified
M&a: 1 deal; terms undisclosed

Private Fundraises

Oobit, a crypto mobile payments firm making it easier for consumers to purchase goods and services using cryptocurrency, raised $25M in a round led by Tether, Solana's cofounder Anatoly Yakovenko, CMCC Global, and 468 Capital.

Overflow, a startup that helps charitable and faith-based organizations accept stock and crypto donations, raised $20M in a round led by Wesleyan Investment Foundation with participation from existing investors including Uncork, R7 and TheGP.

Nibiru Chain, a general-purpose layer 1 blockchain build with the Cosmos SDK, raised $12M with participation from Kraken Ventures, ArkStream, NGC Ventures, Master Ventures, Tribe Capital, and Banter Capital.

Code, a micropayments startup building upon the Solana, raised $6.5M in a round led by M13 and Union Square Ventures with participation from notable figures, including Balaji Srinivasan, Roham Gharegozlou, Anatoly Yakovenko, Raj Gokal, and Mert Mumtaz.

Superform, a cross-chain yield platform, raised $6.5M in a round led by Polychain Capital, with participation from BlockTower Capital, Maven 11, Circle Ventures, and others. Angel investors in the round included Arthur Hayes, Marc Bhargava, Avi Felman, Michael Bucella, and Bryan Pellegrino.

Omega, a Miami-based bitcoin yield company, raised $6M from Lightspeed Faction, Borderless Capital, Wormhole Cross-Chain Ecosystem Fund, and Bankless Ventures

Flood, an Ethereum DEX aggregator, raised $5.2M in a seed round led by Bain Capital Crypto.

LightLink, a layer 2 start-up focused on a multiverse project called Translucia, raised $4.5M in a seed round led by Thai media company T&B Media Global and real estate developer MQDC. Other investors in the seed round included JellyC, Aweh Ventures, Blue7 and B3V.

Glif, a liquid staking services for filecoin's FIL, raised $4.5M in a round led by Multicoin Capital with Zee Prime Capital, Fintech Collective, Big Brain Holdings, Protocol Labs and other investors participating

Axiology, a Lithuanian "distributed ledger technology" securities trading and settlement infrastructure startup, raised €2M in a round co-led by Baltic Sandbox Ventures and Coinvest Capital.

M&A

Bitgo, a crypto custodian valued most recently at $1.75b, acquired Brassica, a Houston-based alt investing infrastructure startup.

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