ChainSafe, which provides Web3 tools and services, was launched in early 2017 after its founding team met at an Ethereum meetup in Toronto. The startup claims to have achieved profitability, and grown to over 120 employees across 33 countries with minimal venture funding—navigating its share of crypto bull and bear markets in the process.
Now, armed with $25.7 million CAD in Series A funding, ChainSafe is ready for its next stage of growth. The startup plans to use this capital to refine its existing products, roll out more blockchain-agnostic infrastructure and Web3 gaming tools for developers, and ramp up its go-to-market efforts.
The round comes amid a worsening macroeconomic environment and the crypto crash, which have made it more challenging for startups to raise capital. Asked whether ChainSafe faced any headwinds raising funding in this environment, ChainSafe co-founder and COO Hatcher Lipton told BetaKit it was an opportunity, claiming that these conditions “[separate] the true builders from the noise.”
“It really allows projects and companies like ours to stand out,” said Lipton.