Pimlico, a London-based crypto startup, has raised £3.4m ($4.2m) in seed funding, led by US investor a16z.
The startup offers infrastructure for developers to build decentralised products and services on the Ethereum network.
The investment from a16z comes after the VC firm opened its London office last week. Pimlico aims to simplify the user experience of cryptocurrency by offering services such as gas fee sponsorship, payment with ERC-20 tokens, social recovery schemes, batched transactions, spending limits, and different account access levels.
The startup was launched earlier this year by founder and CEO Kristof Gazso, who attended the VC firm’s crypto startup school, where they impressed with the velocity of product and partnerships.
Pimlico’s developer library, which helps developers create smart account wallets and applications, has been used for almost three million user operations.
Despite the wider market downturn in the crypto industry, startups in the space continue to raise funds.
Earlier this week, blockchain payments startup Due raised £2.7m. Pimlico’s success in securing seed funding from a16z is a testament to the growing demand for infrastructure that simplifies the user experience of cryptocurrency.
The startup aims to make using Ethereum easier for developers and users alike, and it plans to use the funding to expand its team and continue developing its suite of products.
With the support of a16z, Pimlico is well-positioned to become a major player in the crypto industry and contribute to the growth of the tech ecosystem in Greater Manchester and the UK as a whole.
Frequently Asked Questions
Successful UK Startups
There are many successful UK startups across a range of industries, including fintech, healthtech, and edtech.
Some notable examples include Monzo, a digital bank that has revolutionized the banking industry, Babylon Health, a healthcare app that provides virtual consultations with doctors, and Deliveroo, a food delivery service that has expanded globally. These startups have been able to secure significant funding and have grown rapidly due to their innovative business models and technology.
Funding for UK Startups
There are several ways to secure funding for UK startups, including angel investors, venture capital firms, and crowdfunding platforms.
Many startups also apply for government grants and loans, such as the Start Up Loans scheme, which provides loans of up to £25,000 to new businesses. It’s important for startups to have a solid business plan and pitch to attract investors and secure funding.
Resources for UK Startups
There are many resources available for UK startups, including accelerators and incubators that provide mentorship, networking opportunities, and funding.
ome popular accelerators include Techstars and Seedcamp, while incubators such as Entrepreneur First and Zinc VC focus on supporting early-stage startups.
Additionally, there are various online resources, such as Startup Britain and Startups.co.uk, that provide advice and guidance on starting and growing a business.
Benefits of Starting a Business in the UK
There are several benefits to starting a business in the UK, including a supportive startup ecosystem, access to funding and talent, and a strong economy.
The UK government has also implemented initiatives to support startups, such as tax breaks for investors and the Enterprise Investment Scheme (EIS), which offers tax relief to investors who invest in qualifying startups.
Challenges Facing UK Startups
Despite the benefits, UK startups also face challenges, such as fierce competition, high costs of living and doing business, and uncertainty around Brexit.
Additionally, securing funding can be difficult for startups, particularly those outside of London and the Southeast.
Staying Up to Date with UK Startup News
There are several online sources for staying up to date with UK startup news, including TechCrunch UK, Startups.co.uk, and Sifted.
Many accelerators and incubators also offer newsletters and events that provide updates on the latest trends and news in the startup world.
