Backpack’s $17 Million Series A Funding Unlocks New Web3 Potential

On Mar 1, 2024

The Backpack ecosystem, known for the Backpack wallet, the Mad Lads NFT collection, and Backpack Exchange, has successfully closed its first joint $17 million Series A funding round. This strategic investment round, led by Placeholder VC, values the conglomerate at a substantial $120 million.

The funding attracted a diverse group of strategic investors, among them Hashed, Robot Ventures, Amber Group, Wintermute Ventures, Selini Capital, Delphi Digital, and notable founders from leading Web3 ecosystems such as Solana, Tensor, and Galxe, among many others.

Overcoming Challenges

Previously, the Backpack ecosystem faced big challenges following a $20 million seed funding round led by FTX Ventures in late 2022. The unexpected collapse of FTX left a majority of Backpack’s funding inaccessible on the FTX platform.

“The history of finance is littered with scandals, but Backpack is doing things differently,” commented Armani Ferrante, CEO of Backpack, on the recent funding news. “Over the past year, we’ve set the foundation to build a crypto-native financial institution, and with the conclusion of this round, with trust minimization and compliance as foundational principles, we begin a new chapter for ourselves and, hopefully, for the rest of the industry.”

We started this company about two years ago. It’s been the hardest but most rewarding years of my life. We were down. We were out. Most people thought we were dead. But never did we quit. Never will we quit. And with the conclusion of this round, we are so back. https://t.co/M8PgdQMGfN
— Armani Ferrante (@armaniferrante) February 28, 2024

A Diverse Ecosystem of Web3 Innovations

The Backpack ecosystem offers a range of products and services within the blockchain space. It includes the Backpack noncustodial wallet, known for its user-friendly interface and security features, and the Backpack Exchange. Additionally, the ecosystem boasts the Mad Lads NFT collection, a leading community within the Solana ecosystem.

The Backpack Wallet, a cornerstone of the ecosystem, operates as an all-encompassing Web3 application. It allows users to manage cryptocurrencies and interact with xNFTs, an NFT standard on the Solana network that enables the tokenization of applications. xNFTs distinguish themselves by incorporating executable programming scripts, allowing them to function within specialized wallets and offer unique on-chain and off-chain capabilities.

This latest round of funding enables Backpack to further its mission of innovating within the blockchain space. Backpack, possessing a diverse portfolio of products and a clear vision for the future, aims to maintain its growth and innovation trajectory, impacting the evolution of Web3 technologies.

Praise for Backpack’s fundraising came from the Solana ecosystem as well, where Anatoly Yakovenko, the founder of Solana Labs, applauded the company’s achievements. He commented, “Backpack has not only pioneered exceptional products such as the Backpack Wallet but has also cultivated a strong community through the Mad Lads. Armani and the Backpack team have exemplified what it means to focus on great products and user experiences and iterate relentlessly.”