karpatkey Closes $7 Million Funding Round

karpatkey, a leading provider of onchain treasury management solutions for DAOs and financial institutions, announced today it has successfully closed a $7 million funding round, with participation from over 40 angel investors and investment funds. Funds from this round will allow karpatkey to expand its solutions to more DAOs, while accelerating its market outreach to traditional funds and institutions.

‍“We are thrilled to have such a strong group of investors representing the most respected names and organisations in crypto, including many of our existing partners,” said Marcelo Ruiz de Olano, Co-Founder of karpatkey. “We believe it’s a testament to the quality of our solutions and our focus on fostering long-term relationships with the DAOs we serve.”

‍AppWorks and Wintermute Ventures participated in this round, alongside a host of well-known angel investors, including Joe Lubin from ConsenSys, Stani Kuchelov from Avara, Fernando Martinelli from Balancer Labs, Stefan George, Friederike Ernst, and Martin Köppelmann from GnosisDAO, Hugh Karp from Nexus Mutual, Lefteris Karapetsas from Rotki, and Marc Zeller from ACI. A more complete list of investors for this round can be found in the table below.

‍Joe Lubin, Founder of Consensys, commented: “Over the past few years, I’ve watched karpatkey emerge as a pioneering market leader in DAO treasury management. Their hands-on bespoke approach involves deploying dedicated teams to help DAOs increase income, expand partnerships, solve technical issues, reduce risk, and more. The result has been long-term sustainability for the DAOs and tremendous growth for the karpatkey business.

”Initially formed in 2020 to manage the Gnosis treasury, karpatkey now delivers a range of complex financial solutions to many of the most successful organisations in crypto, including Aave, Balancer, CoW, ENS, Lido, and Safe. As an active manager of treasury assets, karpatkey is heavily involved in protocol governance, working on various strategic initiatives with partners. The karpatkey treasury network has grown to over 1.8 billion USD in assets and its risk management infrastructure has been used to execute over 10,000 onchain transactions for partners without incident.

‍“We were one of the first active DAO treasury managers in crypto, and remain today the largest, by far,” noted Marcelo Ruiz de Olano. “To achieve that, we had to build expertise in many areas outside traditional asset management. A typical karpatkey treasury management engagement includes support with business development, risk management, legal consulting, M&A, and more. These are the solutions and services we want to market to more users with the help of our investors.”

karpatkey will also expand its solutions beyond DAOs, targeting traditional financial institutions. Beginning with actively managed open-ended funds, karpatkey will offer institutional investors exposure to blue chip DeFi tokens and yield by leveraging its existing infrastructure at extremely competitive prices. “We’ve always believed karpatkey can serve as a major liquidity bridge between traditional finance and DeFi, benefiting our partners, investors, and the wider crypto community,” said Marcelo Ruiz de Olano.

Additional Investor Quotes

“It’s been remarkable to witness the evolution of karpatkey, from its early days managing the Gnosis treasury, to now providing a number of financial solutions to many top crypto organisations. Their expanding network of DAOs brings more opportunities to Gnosis, and we are excited to see our partnership grow in the coming years.”
– Stefan George, Co-Founder and CTO, Gnosis

“karpatkey is building fundamental infrastructure that will enable decentralized finance to be capable of managing large-scale capital, no different than traditional treasury asset managers. We have immense confidence in Marcelo’s experience and leadership to make this vision a reality.”
- Ching Tseng, Principal at AppWorks

“karpatkey has established itself as a leader in on-chain treasury management, providing DAOs with efficient solutions that do more than just maintain assets. Their approach, rooted in prudent risk management, governance strategy, and advisory, creates tangible value that goes well beyond standard practices. We’re excited to see them bring this proven model to institutions, with capital safety remaining a top priority.”
- Wintermute Ventures

List of Investors from Q1 2024 Round

Angel Investors

• Joseph Lubin, founder of Ethereum and Consensys
• Stani Kulechov, founder of AAVE
• Konstantin Lomashuk, founder of Lido Finance
• Martin Köppelmann, founder of Gnosis
• Stefan George, founder of Gnosis
• Friederike Ernst, founder of Gnosis
• Fernando Martinelli, founder of Balancer
• Nicholas Johnson, founder of ENS
• Alex Van de Sande, founder of ENS
• Anna George, founder of Cow
• Hugh Karp, founder of Nexus Mutual
• Gustav Arentoft, founder of Stable Labs
• Lefteris Karapetsas, founder of Rotkiapp
• Marc Zeller, founder of ACI
• Sam MacPherson, founder of Phoenix Labs
• Maha, founder of Aura
• Skylar Weaver
• Antony Lewis
• Artem Gordadze
• Finn Suzuki
• Mariano di Pietrantonio

Other Investors

• Appworks
• Borderless
• Wintermute Ventures
• Thanefield
• Stake Capital
• SAFE Foundation
• G-20
• Saison Capital
• Wonderland
• Zeal Capital
• Rabadon