Segment: DeFi / Business Model: B2B / Stage: Seed
Purpose: Corporate card built for Web3 teams to be able to access their funds and manage spend
Problem: As Web3 teams grow accessing your funds and managing spend becomes complicated, where you need to use a centralized exchange to access your funds
Solution: A corporate card that syncs to a decentralized wallet and allows teams to access their funds easily and track their spending
Team:
Charles Naut - Co-founder
Farooq Malik - Co-founder
Traction:
Funding: Raised $6M seed found in Apr 22 from Lightspeed Venture Partners, Coinbase Ventures, Uniswap, Terraform Labs, Norwest Venture Partners and Khosla Ventures
Progress: Product in the works, ability to join a waitlist. Currently only on Ethereum and Solana (holding USDC). Onboarded some customers and with over 100 customers on the waitlist.
Positive Signals:
Investors: Lightspeed Ventures is a great investor, their current onboarded customers are some Lightspeed portfolio companies
Team: Charles is an ex-founder, with his startup being acquired by Intuit and then spending 4 years there as an engineer. Farooq is also an ex-founder for a B2B credit tools company. They both know a thing or two about starting and scaling businesses
Solution: Makes complete sense. Current DAO contributors are using TradFi systems which don’t translate well to the crypto world (Amex, own money, etc) or in scaling a business quickly
Market: Huge potential here, DAOs are only at the begining and likely to become huge organizations. If Rain can prove their value, this could be an interesting one
Risks:
Security: As a hot topic these days in crypto and infrastructure plays. Wonder how they are viewing their sec stack and the risks that come out of integrity of DAO contributors
Scaling: They are onboarding and testing their product at the small level, will thier solution scale when 100s of DAO contributors need to access funds (I’d say yes, but one to watch)