Non-custodial crypto investing app Ember Fund raises $5.3 million in seed funding


Non-custodial crypto investing app provider Ember Fund has raised $5.3 million in a seed funding round.

Sharing the news exclusively with The Block on Wednesday, Ember said the round was led by Richard Jun of Bam Ventures, with participation from Anthos Capital, Uncorrelated Ventures, Calm Ventures, and others.

With fresh capital at hand, Ember plans to invest "heavily" into its infrastructure and "aggressively grow" its assets under management (AUM), co-founder and CEO Alex Wang told The Block.

"We're aiming to hit $1 billion in AUM by the next year," said Wang. He declined to comment on Ember's current AUM.

Launched in 2019, the Ember app allows users to invest "like a cryptocurrency hedge fund" via curated funds managed by professionals. That means users choose a fund, and Ember periodically rebalances the fund like a hedge fund.

Ember serves both retail and institutional investors. "We are fast approaching a six-figure mark in the number of users," Wang told The Block, adding that the U.S., Canada, Australia, the U.K., and Europe are Ember's top five markets. Ember hit profitability in November 2020, Wang added.

There are currently 14 people working for Ember, and the firm is now looking to hire smart contract engineers, customer support staff, a research analyst, and a CIO/CFO, said Wang.

"We're also launching a Securities and Exchange Commission (SEC)-registered token offering in a few months, through another Regulation Crowdfunding," said Wang. Last year, Ember raised $700,000 through an SEC-registered crowdfunding sale.

Update: This story has been updated with a revised AUM quote from Alex Wang.

Trending Stories

Get Your Crypto
Daily Brief

Delivered daily, straight to your inbox.

DAOs: An Institutional Guide to Decentralized Governance

Arca provides fundamental information about decentralized autonomous organizations (DAOs) for institutions transitioning into the age of tokenized ecosystems. This guide explores the components, purpose, functions, and practical applications of these nascent entities and the opportunities and challenges for this compelling governance approach.
Read Full Story
Sponsored Post

Layer-2 Scaling Solutions: A Framework for Comparison - Commissioned by Polygon

Ethereum had a breakout year in 2021. It’s native asset, ETH’s, market capitalization surpassed $500 billion for the first time. Its network facilitated upwards of $7 trillion value transfer. Non-fungible tokens (NFTs) emerged as another “killer application” that have put its technology on the global stage and caught the attention of the masses.
Read Full Story
May 5, 2022, 3:17PM UTC