• Foundation Devices has announced a successful seed round of $7 million, led by Polychain Capital.
• Other investors included Greenfield Capital, Lightning Ventures, Third Prime, Warburg Serres, Unpopular Ventures and Bolt.
• The company is focused on releasing its flagship product, the Passport, and its new mobile app, Envoy.
Foundation Devices, a company that focuses on empowering self-sovereign individuals through decentralized technologies, has raised $7 million in a successful seed round led by Polychain Capital. Other investors included Greenfield Capital, Lightning Ventures, Third Prime, Warburg Serres, Unpopular Ventures and Bolt, who previously led a seed round for Foundation which amounted to $2 million.
The company’s original flagship product, the Passport, was launched in April of 2020 and has since seen thousands of Passports sold over the last 18 months, gaining traction and adoption among consumers. The company’s new mobile app, Envoy, aims to serve as a standalone sovereignty toolkit complete with a Bitcoin software wallet. According to Foundation, “Envoy offers the easiest onboarding and user experience of any Bitcoin wallet, with maximum privacy using the Tor network, a free and open-source software for enabling anonymous communication.”
Foundation Devices CEO Zach Herbert reiterated the company’s focus on privacy and sovereignty, saying “Preserving freedom and privacy is more important than ever amidst worldwide censorship, privacy violations, and reckless financial and monetary policies.” Polychain Capital Founder and CEO Olaf Carlson-Wee commented on the raise, expressing his excitement to support the company on their vision, stating “We are incredibly excited to support them on the next phase of their vision to empower self-sovereign individuals through decentralized technologies.”
The company’s success and recognition in digital sovereignty, privacy and financial independence is proof of their commitment to providing tools and solutions to individuals who seek to protect their data and financial freedom. And with the additional funding, the company is prepared to take the necessary steps to continue to deliver on their mission.