Dubai, UAE - The Backpack ecosystem, creators of the Backpack wallet, Mad Lads NFT collection, and Backpack Exchange, announced the first closing of its $17 million Series A round.
The post-money valuation is $120 million.
The funding, led by Placeholder VC, values the combined ecosystem at $120 million post-money.
Other notable investors include Hashed, Robot Ventures, Amber Group, Wintermute Ventures, Selini Capital, Delphi Digital, and founders from various web3 ecosystems.
With this investment, Backpack aims to establish itself as a crypto-native financial institution prioritizing trust minimization and compliance.
The funds will be used to develop its products further, including the Backpack non-custodial wallet, Backpack Exchange, and the Mad Lads NFT community on Solana.
