Pimlico, a crypto startup looking to “make using Ethereum easier”, has secured $4.2m (£3.4m) in a seed investment round led by US investor a16z.
The London-based startup provides infrastructure for developers to build decentralised products and services.
Investment from a16z follows the VC firm officially opening its new office in London last week.
“Pimlico is designed to make crypto UX simpler and easier by offering services like gas fee sponsorship, payment with ERC-20 tokens, social recovery schemes, batched transactions, spending limits, and different account access levels,” said a16zcrypto partner Sriram Krishnan via a post.
Founder and CEO Kristof Gazso launched Pimlico earlier this year and then attended the VC firm’s crypto startup school, where they “were blown away by the velocity” of product and partnerships, added Krishnan.
“By the end of Crypto Startup School, we were convinced that no one was better equipped to build the supporting infrastructure for account abstraction than Kristof,” Krishnan said.
One of Pimlico’s products is a library to help developers create smart account wallets and applications. According to the startup, its developer library has been used for almost three million user operations.
In September, Pimlico raised $1.6m in pre-seed funding, led by 1confirmation and with further backing from Safe, Consensys and angel investors.
Despite the wider market downturn in crypto, startups in the space continue to raise funds. Earlier this week, blockchain payments startup Due raised £2.7m.
Limited time offer
Save up to 50% for your first year.
Now only £39.99 £19.99 / Month*
Access all our premium journalism on any device and see fewer ads.
Cancel subscription renewal anytime.
Already have an account? Log in
Registered in England & Wales at 124 City Roads, London, England, EC1V 2NX
–
Company No. 14998441
To provide the best experiences, we and our partners use technologies like cookies to store and/or access device information. Consenting to these technologies will allow us and our partners to process personal data such as browsing behavior or unique IDs on this site and show (non-) personalized ads. Not consenting or withdrawing consent, may adversely affect certain features and functions.
Click below to consent to the above or make granular choices. Your choices will be applied to this site only. You can change your settings at any time, including withdrawing your consent, by using the toggles on the Cookie Policy, or by clicking on the manage consent button at the bottom of the screen.