Lucy Labs, a NYC-based multi-strategy cryptocurrency asset management company focused on developing and applying quantitative and fundamental trading strategies, raised a total of $3m.
The round was led by DeepWork Capital, with participation from Cogent Bancorp Inc., which is the financial holding company that operates Cogent Bank, a FDIC insured Florida-based bank with $1 billion in assets. Other participants include Red Building Capital, Immeasurable, and other strategic investors.
The company intends to use the funds to expand its infrastructure, hire additional investment professionals and incubate additional trading strategies.
Founded in 2017 and led by George Chuang, CEO, Lucy Labs manages a range of quantitative strategies exploiting momentum and carry factors, targeting moderate to aggressive returns while maintaining rigorous risk management and strategy-specific structures to reduce the volatility inherent in the cryptocurrency markets. The firm also acts as a market maker and liquidity provider in both centralized and decentralized exchanges.
Lucy Labs launched its three strategies to outside investors in November 2021 and is accepting commitments on a rolling monthly basis.