Two former executives from Andreessen Horowitz (a16z)’s crypto division have successfully raised $25 million in seed funding for their newly launched Web3 startup, Bastion. Despite the recent challenges in the venture capital landscape, Bastion has emerged from stealth mode with a mission to enable companies to seamlessly integrate Web3 infrastructure into their existing enterprise technologies.
On September 18, Bastion announced the launch of its product suite, marking a significant milestone in its endeavor to bridge the gap between traditional enterprise technologies and the innovative world of Web3. The startup’s co-founders, Riyaz Faizullabhoy and Nassim Eddequiouaq, both former executives at a16z’s crypto division, left the firm in April to pursue this venture.
The $25 million funding round was led by a16z crypto, the duo’s former employer, indicating strong support for Bastion’s vision. Other investors in the seed funding round include Nomura Group’s Laser Digital Ventures, Robot Ventures, Aptos Ventures, and Alchemy Ventures.
Bastion plans to utilize the funding to scale its operations, attract top engineering talent, and secure additional licenses to diversify its product offerings. This investment will play a crucial role in helping Bastion achieve its mission of enabling seamless Web3 integration for enterprises.
Bastion’s ability to secure substantial funding during challenging times in the crypto landscape underscores investors’ confidence in the startup’s potential to bridge the gap between traditional enterprises and the exciting possibilities of Web3 technology.
As Bastion continues to grow and develop its suite of Web3 integration solutions, it will be a company to watch in the evolving landscape of blockchain and decentralized technologies.
Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice.
