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Blockchain-oriented VC firm Contango plans to use the seed round proceeds to facilitate increased Web3 adoption globally.
Contango Digital Assets recently successfully concluded a $1.2 million seed round geared toward establishing Web3 infrastructure. To date, the leading blockchain venture capital firm has deployed more than $7 million globally to support Web3 startups. According to reports, Contango will double this sum in 2023 amid increased Web3 and blockchain mainstream adoption.
The Contango Digital Assets seed round generated much excitement among participating investors. These investors included HNW Angel investors, Family Office, and Venture Capital, with Contango Digital Assets co-founder Mike Grantis observing:
“This seed round was an accelerant for Contango. It allows us to place our bets on the growth of the industry, build our presence as a firm and position ourselves as one of the top rising venture capitalists in the Web3 sector. We are very excited to work with our newest strategic investors and feel poised to emerge as one of the leading up-and-coming Web3 VCs during this next market cycle.”
Josh Field, co-founder of Contango Digital Assets’ parent company, Contango, also spoke on the seed funding. As Field put it:
“We are excited about what this injection of capital can do to further our mission here at Contango. We envision a future where we can offer avenues for all levels of sophisticated investors to access competitive Web3 private markets, usually only accessible to large funds. We plan to achieve this by innovating on the current system available to investors and creating infrastructure that brings more transparency to this process.”
Field concluded by identifying the seed round as a catalyst for the company to execute all stated visions.
Contango Seed Round Should Ensure Sustenance of Platform Thriving Business
Contango has established a viable venture business over the last two years while also creating a thriving private community. This community includes more than 450 angel investors, founders, industry experts, and researchers that share Web3-related opportunities and resources. Furthermore, the firm’s portfolio features over 50 leading Web3, decentralized finance (DeFi), and gaming companies. These include Coinweb, Andromeda Protocol, NuNet, Kado, Astra Protocol, Nakamoto Games, and IQ Protocol.
Contango is building a Software-as-a-Service (SaaS) platform to increase transparency in the intense private capital markets. The firm also looks to make the Web3 private investment space far more accessible to angel investors.
In addition to concluding the seed scheme, Contango also onboarded venture capitalist specialist Eric Baum to its board. Baum has twenty years of experience in advisory roles for all types of executive leadership teams. These include leadership teams from storied Fortune 50 establishments and executive teams from emerging entities.
Baum is currently the Co-Founder / Managing Director of private equity and venture advisory firm Solidea Capital. In this role, he lends industrial expertise in corporate strategy, market positioning, post-merger integration, and startup advisory services to the Contango team.
Contango Digital Assets
Founded in 2020 and domiciled in the British Virgin Islands, Contango Digital Assets focuses on developing products that facilitate global Web3 accessibility. The company invests in early-stage Web3 infrastructure that enhances the Web3 user experience.
Contango is under regulation by the Financial Services Commission (FSC).