Phantom Wallet isn’t just another crypto wallet. Behind its slick interface and 15 million active users is a story of smart investors, big bets, and carefully timed funding rounds. Let’s unpack who backed Phantom, how much they raised, and why it matters for the future of Web3 wallets.

Funding Overview

Since its launch in 2021, Phantom has raised $277 million across three funding rounds, achieving a $3 billion valuation in its latest Series C round. Every dollar wasn’t just money, it was a vote of confidence in Phantom’s vision to make crypto wallets simple, social, and multi-chain.

Funding Rounds & Goals

Series A – Laying the Foundation (July 14, 2021)

• Amount Raised: $9 million

• Lead Investor: Andreessen Horowitz (a16z)

• Other Investors: Variant Fund, Jump Capital, DeFi Alliance, Solana Foundation, Garry Tan

The purpose was to launch the core wallet and expand from Solana to Ethereum.

a16z backing a Solana-focused wallet early shows strong confidence in Phantom’s potential to dominate the multi-chain wallet space

Series B – Scaling Multi-Chain (January 31, 2022)

• Amount Raised: $109 million

• Lead Investor: Paradigm

• Other Investors: Andreessen Horowitz, Jump Capital, Solana Ventures, Variant Fund, DeFi Alliance

The purpose was to scale multi-chain wallet features and increase user adoption.

Paradigm leading Series B signals strong strategic growth. Investors clearly bet on Phantom's ability to expand beyond Solana

Series C – Next-Gen Consumer Finance (January 17, 2025)

• Amount Raised: $150 million

• Lead Investors: Sequoia Capital and Paradigm

• Other Investors: Andreessen Horowitz, Variant Fund

The purpose was to accelerate product expansion, build next-gen consumer finance features, and expand social features.

Series C shows Phantom moving from wallet infrastructure to consumer finance and social tools, backed by top-tier investors.

Key Investors & Takeaways

• Paradigm – Led Series B & co-led Series C

• Sequoia Capital – Co-led Series C

• Andreessen Horowitz (a16z) – Led Series A

• Variant Fund, Solana Ventures, Jump Capital (Strategic backers)

These investors aren’t just writing checks; they’re signalling confidence in Phantom as a next-gen consumer finance platform.

Closing Insight

From $9 million to $150 million in under four years, Phantom’s funding story tells us one thing: the right investors can turbocharge growth and credibility in Web3. For anyone tracking crypto wallets or Web3 adoption, knowing who backs a project is often as important as knowing the product itself.

Phantom Wallet isn’t just another crypto wallet. Behind its slick interface and 15 million active users is a story of smart investors, big bets, and carefully timed funding rounds. Let’s unpack who backed Phantom, how much they raised, and why it matters for the future of Web3 wallets.

Funding Overview

Since its launch in 2021, Phantom has raised $277 million across three funding rounds, achieving a $3 billion valuation in its latest Series C round. Every dollar wasn’t just money, it was a vote of confidence in Phantom’s vision to make crypto wallets simple, social, and multi-chain.

Funding Rounds & Goals

Series A – Laying the Foundation (July 14, 2021)

• Amount Raised: $9 million

• Lead Investor: Andreessen Horowitz (a16z)

• Other Investors: Variant Fund, Jump Capital, DeFi Alliance, Solana Foundation, Garry Tan

The purpose was to launch the core wallet and expand from Solana to Ethereum.

a16z backing a Solana-focused wallet early shows strong confidence in Phantom’s potential to dominate the multi-chain wallet space

Series B – Scaling Multi-Chain (January 31, 2022)

• Amount Raised: $109 million

• Lead Investor: Paradigm

• Other Investors: Andreessen Horowitz, Jump Capital, Solana Ventures, Variant Fund, DeFi Alliance

The purpose was to scale multi-chain wallet features and increase user adoption.

Paradigm leading Series B signals strong strategic growth. Investors clearly bet on Phantom's ability to expand beyond Solana

Series C – Next-Gen Consumer Finance (January 17, 2025)

• Amount Raised: $150 million

• Lead Investors: Sequoia Capital and Paradigm

• Other Investors: Andreessen Horowitz, Variant Fund

The purpose was to accelerate product expansion, build next-gen consumer finance features, and expand social features.

Series C shows Phantom moving from wallet infrastructure to consumer finance and social tools, backed by top-tier investors.

Key Investors & Takeaways

• Paradigm – Led Series B & co-led Series C

• Sequoia Capital – Co-led Series C

• Andreessen Horowitz (a16z) – Led Series A

• Variant Fund, Solana Ventures, Jump Capital (Strategic backers)

These investors aren’t just writing checks; they’re signalling confidence in Phantom as a next-gen consumer finance platform.

Closing Insight

From $9 million to $150 million in under four years, Phantom’s funding story tells us one thing: the right investors can turbocharge growth and credibility in Web3. For anyone tracking crypto wallets or Web3 adoption, knowing who backs a project is often as important as knowing the product itself.