Spruce, Jacks Up $34 Million In A Fundraiser led By a16z

  • Spruce, a startup which built a toolkit for decentralized identity, has gathered $34 Million in a funding round.
  • Sign-in with Ethereum function of Spruce enables folks to control their virtual identity without relying upon traditional middlemen.
  • As per their declaration, Spruce will spearhead analysis in cutting-edge usability and privacy tech.

A Successful Funding Round

A decentralized identity startup, Spruce, has jacked up $34 Million in a Series A funding round led by Andreessen Horowitz (a16z). Other participants in this fundraiser remain SCB 10X, OrangeDAO, Okta Ventures and Robot Ventures.

Their suite of products will involve Kepler and SpruceID, that provides “self sovereign” storage.

The previous year, it jacked up $7.5 Million during seed round led by Electric Capital and Ethereal Ventures.

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A Fundraiser For User-Controlled Web

The official website of Spruce, it says that they are thrilled as they have successfully piled up $34 Million in a fundraiser led by a16z. Spruce allows people to take command over their data across the internet. The people are getting heavily dependent on virtual economies, cryptography and networks.

The suite of product fuels the required credentialing, authentication and storage required for users’ portable reputation, offering decentralized access command to data, as well as interoperability among Web3 and Web2 APIs.

With this latest funding, Spruce will spearhead analysis in state of the art usability and privacy tech, evolve its product teams, will constantly execute on collaborations across ecosystem.

Supporters in this funding round include Gemini Frontier Fund, SV Angel, Protocol Labs, Third Kind Venture Capital, A. Capital Ventures, Y Combinator, Electric Capital, Ethereal Ventures, OrangeDAO, Robot Ventures, SCB 10X and Okta Ventures.

Furthermore, they were also joined by, Will Villanueva, William Allen, Viktor Bunin, Teck Chia, Sunny Aggarwal, Scott Belsky, Ryan Li, Matt Luongo, Matt Condon, Matias Woloski, Juan Benet, Jeromy Johnson, Ejaaz Ahamadeen, Dev Ojha, Benjamin Jack, Anthony Sassano, Alex Pruden and several others.

Steve Anderrson

Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.

Steve Anderrson
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