Former Andreessen Horowitz (a16z) executives, Riyaz Faizullabhoy and Nassim Eddequiouaq, have successfully raised $25 million in seed funding for their newly launched Web3 startup, Bastion. The funding comes at a time when venture capital funding in the crypto industry has been experiencing a drought.
Bastion, which announced the launch of its product suite on September 18, aims to facilitate the integration of Web3 infrastructure into existing enterprise technologies. The company was co-founded by Faizullabhoy and Eddequiouaq, who both left a16z’s crypto division in April.
The $25 million funding round was led by a16z crypto, the former employer of Faizullabhoy and Eddequiouaq. Other investors in the seed funding round included Nomura Group’s Laser Digital Ventures, Robot Ventures, Aptos Ventures, and Alchemy Ventures.
According to Bastion, the funding will be used to scale the company’s operations, recruit top engineering talent, and secure additional licensing to diversify its product offerings.
Despite the ongoing crypto winter, Bastion co-founder Faizullabhoy expressed optimism about the funding round, stating, “It was clear that even as crypto came back down into another bear market, this time crypto is very much here to stay.”
In 2021, crypto venture funding has significantly declined. Data from DefiLlama shows that fundraising in August only amounted to $283 million, a 68% drop from the $877 million raised in February.
Bastion’s product offerings will include custody services, digital asset transactions, and wallets. The company aims to simplify the onboarding process for businesses and end-users into the web3 environment.
Arianna Simpson, general partner of a16z crypto, expressed support for Bastion’s vision, stating, “We believe in Nass and Riyaz’s vision of making web3 safe and accessible for companies in every industry and are extremely excited to support them in making it a reality.”
In a recent funding round, a16z led a $54 million investment in blockchain-based intellectual property ownership platform Story Protocol. The firm has also expanded its presence by opening a new office in London amid regulatory pressures in the United States.
Overall, Bastion’s successful funding round demonstrates the growing confidence in the future of web3 technology and its potential to transform various industries. With the support of a16z crypto and other notable investors, Bastion aims to play a significant role in enabling companies to leverage the benefits of web3 infrastructure.
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