[Funding alert] Web3 treasury management startup Coinshift picks up $15M from Tiger, Sequoia India, Ryan Hoover, others

Web3 treasury management and infra startup Coinshift today picked up $15 million in a Series A funding round led by Tiger Global, joined by Sequoia Capital India, Ryan Hoover (Founder of Product Hunt and the Weekend Fund), Alameda Ventures, Spartan Group, Ethereal Ventures, Alpha Wave Capital, Hash key Capital, Quiet Capital, Polygon Studios, Volt Capital, 300, and more angels and operators in crypto and fintech.

As per a statement, Coinshift has undergone rapid growth since its launch in June 2021, managing more than 1,000 safes, $1.3 billion in assets, and $80 million in payouts for organisations such as Consensys, Messari, Biconomy, Uniswap, Perpetual Protocol, Balancer, etc.

Tarun Gupta, Founder and CEO, Coinshift, said:

“We are unveiling a glimpse into our platform’s second version, through which we share our vision to build the most sophisticated multichain treasury infrastructure for Web3. The fact that our investors have returned to participate in a Series A funding round is a testimony to the quality of our platform and the timely solution we offer to fill the current needs in the market.”

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Coinshift’s version 2 was reportedly built and designed in close collaboration with the industry’s leading Decentralised Autonomous Organisations (DAOs).

The platform's version 2 product aims to allow users to manage multiple Gnosis Safes for multiple chains under one organisation, thereby enabling significant time saving and achieving transparency in treasury operations.

Coinshift explained that the major architectural change between Coinshift's version 1 and version 2 is that users can add multiple safes to a single organisation across multiple chains, whereas in version 1, one safe address was tied to one organisation.

“We’ve been impressed by the pace of product development at Coinshift since we met Tarun and the team. It’s clear there is a huge need for crypto native treasury management and payments, and we are excited to back Coinshift as they roll out the next iteration of the platform,” said Alex Cook, Partner, Tiger Global.

“Tarun and the team are building heads down at Coinshift. They have made wonderful progress since Sequoia Capital India participated in their seed funding last year. This round will enable them to build a wider set of offerings for treasury management and Sequoia Capital India is thrilled to deepen the commitment to Coinshift,” said Shailesh Lakhani, MD, Sequoia India.

"We are excited to observe Coinshift leading the infrastructures to bring simple, flexible, and efficient DAO/treasury management tool into a wider audience," said Adam, Partner at Alameda Ventures.

Other notable investors in the round included Ryan Hoover, Founder of Product Hunt and the Weekend Fund; Sandeep Nailwal, Co-founder, Polygon; Shiva Rajaraman, VP at Opensea; Prabhakar Reddy, Founder at FalconX; Scott Belsky, CPO, Adobe and Founder of Behance; and many more.

In September 2021, Coinshift raised $2.5 million in a seed round from Sequoia Capital India, Weekend Fund, and others, as well as angel investors such as Polygon Co-founder and COO Sandeep Nailwal.