London-based crypto startup Pimlico has successfully secured £3.4 million ($4.2 million) in a seed investment round, marking a pivotal moment as it becomes the first recipient of a16z’s investment on British soil. The renowned American venture capital firm, a16z, is leading the funding round, which aims to bolster Pimlico’s mission of simplifying the use of Ethereum and expanding infrastructure for decentralized products and services.
Pimlico, a pioneering crypto startup, has achieved a funding breakthrough, raising £3.4 million ($4.2 million) in a seed investment round. This landmark investment, led by prominent American venture capital firm a16z, signifies the firm’s first foray into backing UK-based enterprises. Pimlico, headquartered in London, is committed to streamlining the use of Ethereum and enhancing the infrastructure for the development of decentralized products and services.
The recent investment from a16z coincides with the firm’s official inauguration of its London office, underscoring the increasing importance of the UK in the global crypto ecosystem. Pimlico, since its inception earlier this year by Founder and CEO Kristof Gazso, has garnered attention for its dedication to improving the user experience in the world of crypto. Its mission revolves around offering essential services, including gas fee sponsorship, ERC-20 token payments, social recovery schemes, batched transactions, spending limits, and varying account access levels.
Sriram Krishnan, a partner at a16zcrypto, expressed enthusiasm for Pimlico’s innovative approach, stating, “Pimlico is designed to make crypto UX simpler and easier by offering services like gas fee sponsorship, payment with ERC-20 tokens, social recovery schemes, batched transactions, spending limits, and different account access levels.” Gazso’s journey with Pimlico began earlier this year when he launched the startup, and it was further catapulted when he attended the VC firm’s crypto startup school.
According to Krishnan, the speed and efficiency of Pimlico’s product development and partnerships left a lasting impression. He remarked, “By the end of Crypto Startup School, we were convinced that no one was better equipped to build the supporting infrastructure for account abstraction than Kristof.”
One of Pimlico’s key offerings is a developer library that aids in the creation of smart account wallets and applications. Pimlico proudly shares that its developer library has already been used for nearly three million user operations, underlining the company’s growing impact in the cryptocurrency sector.
Pimlico’s journey has seen notable milestones, with a pre-seed funding round in September that raised $1.6 million, led by 1confirmation and supported by investors such as Safe, Consensys, and angel investors. This successful funding round is particularly noteworthy considering the broader market downturn in the cryptocurrency space. It comes on the heels of another achievement in the crypto world as blockchain payments startup Due secured £2.7 million in investment earlier this week.
With Pimlico’s ongoing efforts to simplify and enhance the Ethereum ecosystem and the backing of a16z’s first investment in the UK, the crypto startup is well-positioned to further propel innovation in the cryptocurrency sphere and contribute to the ongoing evolution of decentralized technologies.