Postmates founder invests $23M in his new crypto startup TipTop

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New crypto startup of Postmates founder Bastian Lehmann Fine was slightly teased a few weeks ago, but now the stealth startup is sharing some information about its early funding, although there isn’t much information about what they’re actually doing with that money.

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Lehmann notes that the company has raised $23 million Series A from a16z, and Mark Andriessen himself has joined the startup’s board of directors. Other supporters in the round include Sam Altman, Naval Ravikant, Andy McLaughlin, Jeff Clavier, and Dan Romero, among others.

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The startup keeps the information as vague as possible on its website and job listings with edited graphics promising “consumer finance solutions for the changing web” and that they are “creating protocols and infrastructure”, doing something “at the intersection of fiat and cryptocurrencies” . “. It’s all publicly unclear, but investors seem eager to put some money in to support Lehmann after Postmates left for $2.65 billion Uber in mid-2020.

The announcement of this round comes at a difficult time for the broader crypto markets following last week’s crash, which was brutal even by crypto standards.

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This blow puts many venture capital firms in a difficult position and likely casts doubt on their commitment to the sector. This lack of volume, especially on the part of growing firms, could make it difficult for the crypto business to scale in the coming years if the sector does find itself on the cusp of a “crypto winter.” For longtime founders like Lehmann and former Meta chief executive David Markus, who also announced venture backing for his new cryptocurrency startup yesterday, these concerns will obviously be less pronounced.

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