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Tuesday, April 16, 2024

Norwegian token management platform for web3 raises oversubscribed €3.8M seed round

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Olso-based startup Presail has collected $3.8 million in an oversubscribed seed round led by SNÖ Ventures and joned by Kraken Ventures, the venture arm of one of the largest crypto exchanges worldwide, Skyfall Ventures, and Weekend Fund led by Ryan Hoover, founder of Product Hunt. It also is backed by prominent, strategic angel investors, including Avlok Kohli, CEO of AngelList Venture, Jessica Day, Director of Product at AngelList Venture, and Aleksander Leonard Larsen, COO of Sky Mavis / Axie Infinity. With the funding, Presail is targetting a team expansion. In addition, the company will be able to launch new product offerings to the market faster.

The Norwegian startup offers a management platform for community-driven funding in web3 that allows anyone to come together and raise capital towards a common goal: investing in an early-stage web 3.0 project in return for tokens or pooling funds to bid on a digital asset up for auction.

Presail, Sebastian AlmnesSebastian Almnes, Presail’s CEO & Co-founder, said this about the round: “It’s rewarding to see the enthusiasm around what we’re building. We’re ten months in, and I’m grateful for having some of the strongest funds and angels in our corner. Now we’re ready to double down and keep showing that we can create innovative solutions that solve complex problems.”

Presail, Max SamuelMax Samuel, Partner at SNÖ Ventures, said: “Presail is accelerating the safe and compliant expansion of the web3 investment landscape by providing a burgeoning community with critical, user-friendly tooling and infrastructure. Presail removes the operational friction, labor, and risk prevalent in today’s manual web3 investment processes, attracting new market participants into the space, and allowing investors to focus on their core mission of identifying and supporting great projects.”

Presail, Espen MalmoEspen Malmo, Managing Partner at Skyfall Ventures, said: “Blockchain technology has made digital ownership a reality. As a natural extension of digital ownership, one of the first and most obvious blockchain use cases has proven to be fundraising. However, in the immature and fast-growing web3 industry, tools to efficiently manage early-stage fundraising processes are lacking. Presail elegantly solves this with their product and helps investors and crypto communities to move away from excel-sheets and time-consuming manual processes.”

Presail, Ryan HooverRyan Hoover, Managing Partner at Weekend Fund, said: “Some of today’s most successful companies take a laborious process in a booming market and eliminate steps. Presail has quickly established itself as the core infrastructure for a growing number of web3 investors, shaping the future of community-driven funding.”

Presail, Laurans De PoorterLaurens De Poorter, Head of Europe at Kraken Ventures, said: “One of the largest cultural effects of crypto is the dissemination and democratization of early-stage investing. This change is driven bottom-up by investor communities, DAOs, and more. Presail’s strong growth shows that they provide these communities with the ideal tools needed in all stages of the investment process.”

Click to read more funding news.

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Nurcin Metingil
Nurcin Metingil
A permanent student, a passionate first reader and nowadays doing master’s degree in Publishing Management. Beside these, I am up for games! I have been playing games since I was 6. Now, I am whispering "Business. Business. Numbers. Is this working?"

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