[Funding alert] Global crypto investing platform Mudrex raises $6.5M in pre-Series A from Arkam, Tribe & Bolt

Mudrex, a Bengaluru and San Francisco-based Y Combinator-backed crypto investing platform, on Tuesday announced that it raised $6.5 million in a pre-Series A funding from Arkam Ventures, Tribe Capital, and Bolt by QED Investors. With this funding, the startup aims to make investing easy for the new wave of retail investors joining crypto.

The pre-Series A round follows a $2.5 million seed funding the startup raised four months back led by Nexus Venture Partners, Village Global with participation from Kunal Shah, Anand Chandrashekharan, and Anjali Bansal.

Edul Patel, CEO and Co-founder of Mudrex, said, 

“Mudrex is bringing wealth tech to crypto. Investing in crypto in the true sense of the term does not exist today. Most retail users end up purchasing tokens hoping to multiply their money in a matter of days. This is not investing and can be very risky. This is exactly what prevents the common retail investor from participating in this new emerging financial ecosystem. 

“Our vision is to become the world's largest crypto investing platform. We will do this by creating simple to understand products and making investing seamless. This funding allows us to continue working towards our mission of making crypto easy for everyone.”

Mudrex claims to have clocked a 450 percent user growth in four months and currently has more than 100,000 users from over 100 countries. The funding round will help Mudrex accelerate user acquisition, licensing and expand rapidly in geographies like India, the US, Europe and Latin America. 

Founded in 2018 by Edul, Alankar Saxena (CTO), Rohit Goyal (VP, DeFi), Prince Arora (VP, Engineering), Mudrex simplifies crypto investing by providing products similar to ‘Mutual Fund’ and ‘ETFs’ but for crypto. This, along with direct conversion of local currency to crypto, global liquidity and a secure wallet makes crypto investing using Mudrex a breeze. Its flagship product, Coin Sets, claims to have emerged as a game-changer, with a month-on-month retention rate of more than 90 percent.

“The crypto asset management industry is set to grow to a $12.5 billion industry by 2025 and we are excited to partner with Mudrex as they expand crypto ownership and wealth creation,” said Rahul Chandra, Managing Director, Arkam Ventures.