Home
News
- According to an official notice filed with the Securities and Exchange Commission, the venture capital fund was hoping to raise $15 million at first, but after its funding round was oversubscribed in January, it was able to raise more than that.
- Despite its modest size, Canonical’s ability to attract high-profile investors can be traced back to Anand Iyer’s longtime association with most of them, notably during his days as a serial entrepreneur and angel investor, according to the company’s founder.
- Marc Andreessen and Chris Dixon of Andreessen Horowitz, Shan Aggarwal of Coinbase Ventures, Amy Wu of FTX Ventures, Haseeb Qureshi of Dragonfly Capital, Semil Shah of Haystack Ventures, and Dan Romero, one of Coinbase’s first employees, were among those who attended the fundraiser.
Following the executives’ decision to focus on pre-seed and seed investments, Canonical maintained its fund size minimal. Canonical Crypto raised roughly $20 million in its first investment round, joining the ranks of companies such as a16z, which have also recently raised funds for the crypto market.
Canonical Crypto’s Initial Financing Rounds
According to an official notice filed with the Securities and Exchange Commission, the venture capital fund was hoping to raise $15 million at first, but after its funding round was oversubscribed in January, it was able to raise more than that. Because of the continuing war in Ukraine and other legal issues, no public announcements regarding the development were made.
Marc Andreessen and Chris Dixon of Andreessen Horowitz, Shan Aggarwal of Coinbase Ventures, Amy Wu of FTX Ventures, Haseeb Qureshi of Dragonfly Capital, Semil Shah of Haystack Ventures, and Dan Romero, one of Coinbase’s first employees, were among those who attended the fundraiser.
Pre Seed As Well As Seed Investments Should Be Prioritized
Despite its modest size, Canonical’s ability to attract high-profile investors can be traced back to Anand Iyer’s longtime association with most of them, notably during his days as a serial entrepreneur and angel investor, according to the company’s founder. Having known a variety of investors, doors open up rather simply, he explained. Iyer began his crypto career in 2013 as a Bitcoin miner with several buddies. Before founding Canonical in September 2021, Iyer worked as a visiting partner at Pear Ventures, concentrating on crypto investments.
Iyer’s personal website also listed him as an angel investor and a limited partner in various venture capital funds, alongside his wife Shreya, including Haystack, Chapter One, and Ravikant Capital. Because he has seen a number of market downturns in his career, the Canonical founder says he is less concerned about the present one. He argues that, regardless of market conditions, technology is here to stay, build, and expand.
ALSO READ: Is Terra Relaunch A Promising Idea? Built Atop Investors’ $40M Of Lost Money
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
