Mudrex, a Bengaluru, India- and San Francisco-based crypto asset management platform, raised $2.5m in seed funding.
The round was led by Nexus Venture Partners with participation from Village Global, Kunal Shah, Anand Chandrashekharan, and Anjali Bansal.
The company, which had earlier raised $750k from Y Combinator, Better Capital, Woodstock Fund, and angels like Nitin Sharma and Anupam Mittal, intends to use the funds to scale the team and operations, acquire global regulatory compliances, and create innovative products.
Launched in 2018 by IIT Bombay Alumni, Edul Patel (CEO), Alankar Saxena (CTO), Rohit Goyal (Vice President, DeFi), Prince Arora (Vice President, Engineering), Mudrex provides a platform that simplifies crypto investing by giving access to innovative investment products modeled along the lines of ‘Mutual Fund’ and ‘ETFs’ for long-term wealth creation. Its first product gives investors the ability to invest in algorithmic strategies created by professional traders. Mudrex curates these funds, assigns them a risk/reward score and offers them in a browse list for users to invest in.
The platform hosts over 25,000 active portfolio managers acquired both organically as well as through a referral system and has witnessed more than $1 Billion in trading on the platform. The company at present holds an AUM of $15 Million and counting.