Backpack Raises $17M Series A at $120M Valuation.

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.