Oslo-based Presail has picked up about €3.8 million to develop its management platform for community-driven web3 funding. The young innovators will now grow their team and expand their product offering.
Founded in 2021, Presail is on a mission to accelerate a safe expansion of web3’s growing investment space. The Oslo-based innovators have developed a management platform for community-driven web3 funding and have just picked up new capital investment.
The team has now raised €3.8 million in an oversubscribed seed round. SNÖ Ventures led the investment with participation from Kraken Ventures, the venture arm of one of the largest crypto exchanges worldwide, Skyfall Ventures and Weekend Fund, led by Ryan Hoover, founder of Product Hunt.
Presail is also backed by prominent and strategic angel investors including Avlok Kohli, CEO of AngelList Venture, Jessica Toy, Director of Product at AngelList Venture, and Aleksander Leonard Larsen, COO of Sky Mavis / Axie Infinity.
Towards a safer web3 investment landscape
Presail was conceptualized as a response to the founder’s own pain points within the web3 funding space – all finding it difficult to keep track of their presale deals. The founders had collectively participated in over 200 deals as part of several investment communities and experienced first-hand the difficulty of organizing these investments through manual spreadsheets.
They came together to develop Presail – providing automation and security that solve the difficulties around adequately and safely managing too many deals and too much new information.
As explained by Max Samuel, Partner at SNÖ Ventures, “Presail is accelerating the safe and compliant expansion of the web3 investment landscape by providing a burgeoning community with critical, user-friendly tooling and infrastructure. Presail removes the operational friction, labor, and risk prevalent in today’s manual web3 investment processes, attracting new market participants into the space, and allowing investors to focus on their core mission of identifying and supporting great projects.”
Presail’s management platform for community-driven funding in web3 gives customers a single source of truth, and the ability to easily collaborate, manage cap tables, automate vesting schedules, and implement KYC / AML. It allows anyone to come together and raise capital towards a common goal: investing in an early-stage web 3.0 project in return for tokens or pooling funds to bid on a digital asset up for auction.
Espen Malmo, Managing Partner at Skyfall Ventures, said: “Blockchain technology has made digital ownership a reality. As a natural extension of digital ownership, one of the first and most obvious blockchain use cases has proven to be fundraising. However, in the immature and fast-growing web3 industry, tools to efficiently manage early-stage fundraising processes are lacking. Presail elegantly solves this with their product and helps investors and crypto communities to move away from excel-sheets and time-consuming manual processes.”
In just 4 months, the Norwegian innovators have onboarded a range of customers, ranging from large investment communities to nation-states. This recent funding round allows Presail to grow its team and release new product offerings faster.
Sebastian Almnes, Presail’s CEO & Co-founder, said: “It’s rewarding to see the enthusiasm around what we’re building. We’re ten months in, and I’m grateful for having some of the strongest funds and angels in our corner. Now we’re ready to double down and keep showing that we can create innovative solutions that solve complex problems.”
Ryan Hoover, Managing Partner at Weekend Fund added: “Some of today’s most successful companies take a laborious process in a booming market and eliminate steps. Presail has quickly established itself as the core infrastructure for a growing number of web3 investors, shaping the future of community-driven funding.”
Laurens De Poorter, Head of Europe at Kraken Ventures, commented: “One of the largest cultural effects of crypto is the dissemination and democratization of early-stage investing. This change is driven bottom-up by investor communities, DAOs, and more. Presail’s strong growth shows that they provide these communities with the ideal tools needed in all stages of the investment process.”