Crypto startup Pimlico raises £3.4m in a16z’s first investment out of UK

Pimlico Image credit: sukrit3d / Shutterstock

Pimlico, a crypto startup looking to “make using Ethereum easier”, has secured $4.2m (£3.4m) in a seed investment round led by US investor a16z.

The London-based startup provides infrastructure for developers to build decentralised products and services.

Investment from a16z follows the VC firm officially opening its new office in London last week.

“Pimlico is designed to make crypto UX simpler and easier by offering services like gas fee sponsorship, payment with ERC-20 tokens, social recovery schemes, batched transactions, spending limits, and different account access levels,” said a16zcrypto partner Sriram Krishnan via a post.

Founder and CEO Kristof Gazso launched Pimlico earlier this year and then attended the VC firm’s crypto startup school, where they “were blown away by the velocity” of product and partnerships, added Krishnan.

“By the end of Crypto Startup School, we were convinced that no one was better equipped to build the supporting infrastructure for account abstraction than Kristof,” Krishnan said.

One of Pimlico’s products is a library to help developers create smart account wallets and applications. According to the startup, its developer library has been used for almost three million user operations.

In September, Pimlico raised $1.6m in pre-seed funding, led by 1confirmation and with further backing from Safe, Consensys and angel investors.

Despite the wider market downturn in crypto, startups in the space continue to raise funds. Earlier this week, blockchain payments startup Due raised £2.7m.