CrunchLab has raised $3.5 million in seed funding led by cryptocurrency-focused investment firm Multicoin Capital.
Factor Capital, Fabric VC, and Elixir Capital also supported the round, bringing the startup’s total funding raised to $5.3 million.
Crunch Lab is a key contributor to CrunchDAO, a platform for AI researchers to participate in decentralized machine learning competitions. CrunchDAO members can earn CRNCH tokens as part of their competition participation, in addition to other rewards. CRNCH tokens provide holders with governance rights in addition to other CrunchDAO benefits.
“Crunch Lab has just entered the prototyping phase with two new financial institutions to provide a live data feed,” the startup’s founder and CEO, Jean Herelle, told The Block. “We expect these partnerships to generate an additional $2 million in ARR for Crunch Lab this year.”
CrunchLab previously closed a pre-seed round in 2021, which had support from angel investors with quantitative finance or technical expertise, Herrell said.
Disclaimer: The Block is an independent media outlet providing news, research and data. As of November 2023, Foresight Ventures is the largest investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information on the cryptocurrency industry. Below are the current financial disclosures.
© 2024 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be legal, tax, investment, financial or other advice.
About the Author
MK Manoylov has been a reporter for The Block since 2020, joining just before Bitcoin first broke $20,000. Since then, MK has written nearly 1,000 articles for the publication, covering all aspects of crypto news but with a penchant for NFTs, metaverse, web3 games, fundraising, crime, hacking, and crypto ecosystem stories. MK holds a graduate degree from the Science, Health, and Environment Reporting Program (SHERP) at New York University and has also covered health topics for WebMD and Insider. You can follow MK on X @MManoylov and on LinkedIn.