India and San Francisco-based crypto asset management platform Mudrex raised $2.5m in seed funding.
The round was led by Nexus Venture Partners with participation from Village Global, Cred founder Kunal Shah; former Facebook executive Anand Chandrashekharan; and Avaana Capital founder Anjali Bansal.
The company, which had earlier raised $750,000 from Y Combinator, Better Capital, Woodstock Fund, and angels like Nitin Sharma and Anupam Mittal, intends to use the funds to scale the team and operations, acquire global regulatory compliances and create innovative products.
Launched in 2018 by IIT Bombay Alumni, Edul Patel (CEO), Alankar Saxena (CTO), Rohit Goyal (Vice President, DeFi), Prince Arora (Vice President, Engineering), Mudrex aims to create simple-to-invest products with a better risk/reward ratio that will help the next billion users join and participate in crypto.
It provides a platform that simplifies crypto investing by giving access to innovative investment products modelled along the lines of ‘Mutual Fund’ and ‘ETFs’ for long-term wealth creation. Its first product gives investors the ability to invest in algorithmic strategies created by professional traders. Mudrex curates these funds, assigns them a risk/reward score and offers them in a browse list for users to invest in.
The platform hosts over 25,000 active portfolio managers acquired both organically as well as through a referral system and has witnessed more than $1bn in trading on the platform. The company at present holds an AUM of $15m and counting.
Patel said, “We’ve been able to scale the business profitably with a growth rate of 30% m-o-m over the last 10 months. Today, Mudrex is a global platform with users from over 90 countries. Our vision is to become the leading crypto asset management platform that provides users state-of-the-art products and services to improve their trading decision making and hence returns on investment.”
“The cryptocurrency ecosystem is at an inflection point. Mudrex team has shown incredible potential and growth in carving a niche for themselves in a product-first customer-centric manner. They are operating at the intersection of three growth trends – access to wealth management services for retail investors, social investing by a new upcoming class of retail investors who are more risk-taking, and crypto trading. They are operating in a market that is on the cusp of breaking out, and we are proud to get a chance to work with the team,” added Pratik Poddar, principal, Nexus Venture Partners.
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