Superstate, an asset management firm looking to modernise infrastructure for investment funds via blockchain technology, has announced it raised $14 million in its Series A funding round. Co-led by CoinFund and Distributed Global, the round also attracted participation from several venture capital firms, including Galaxy Ventures, Arrington Capital, Breyer Capital, Road Capital, CMT Digital, Folius Ventures, Modular Capital, Nascent, Hack VC and Department of XYZ.
The firm plans to utilize the capital injection to hire new talent as they look to expand the team, as well as finance private funds targeted for institutional investors. Resources will also be expended on “a framework for compliant, tokenized, publicly registered investment funds.”
In June of this year, Superstate filed for regulatory approval from the US Securities and Exchange Commission (SEC) to create a short-term government bond fund on the Ethereum blockchain. The company was co-founded by Robert Leshner, the founder of decentralised finance (DeFi) platform Compound.