Mesh, a startup that specializes in helping users manage their digital assets, has successfully raised $22 million in a Series A funding round. The funding round was led by Money Forward, with participation from other prominent investors such as Galaxy, Samsung Next, Streamlined Ventures, SNR.VC, Hike VC, Heitner Group, Valon Capital, Florida Funders, Altair Capital, and Network VC, as well as various angels. This successful round brings Mesh’s total raised capital to $32 million. The new funding will be utilized to further develop the company’s tools for deposits, payments, and payouts, as well as to support its go-to-market operations.
Funding Details
Amount Raised
Mesh was able to secure $22 million in its Series A funding round, led by Money Forward and with participation from various other investors.
Investors
The funding round included significant contributions from Money Forward, as well as Galaxy, Samsung Next, Streamlined Ventures, SNR.VC, Hike VC, Heitner Group, Valon Capital, Florida Funders, Altair Capital, and Network VC, along with several individual angel investors.
Purpose of Funding
The newly raised capital will be used to further develop Mesh’s tools for deposits, payments, and payouts. Additionally, it will support the company’s go-to-market operations, ensuring that they can effectively reach their target audience.
About Mesh
Founding
Mesh, previously known as Front Finance, was founded in 2020 by Bam Azizi and Adam Israel. Before launching Mesh, Azizi had successful experience in building and selling cybersecurity and identity companies. Notably, he led NoPassword, a cybersecurity and identity company, which was acquired by LogMeIn. On the other hand, Israel brought years of experience from the banking sector, having served as a managing director at HSBC.
Core Infrastructure Development
Azizi and Israel dedicated several years to building the core infrastructure for Mesh. This investment laid the foundation for the company’s subsequent offerings and allowed them to roll out their services as planned in September 2022.
Launch and Business-to-Business Offering
Mesh officially launched its business-to-business offering in September 2022. The company positioned itself as the intermediary connection layer between non-traditional assets, enabling businesses to facilitate the movement of assets, including cryptocurrencies, across different platforms. Mesh also provides users with the ability to connect various asset classes and accounts, while aggregating all of their accounts in one place. Additionally, Mesh supports in-app transfers of assets across exchanges and wallets, as well as payments and payouts of cryptocurrencies.
Mesh’s Solution
Intermediary Connection Layer
Mesh acts as an intermediary connection layer, bridging the gap between different platforms and non-traditional assets. This allows users to seamlessly transfer and manage their digital assets across various platforms, simplifying the overall user experience.
Asset Transfer Across Platforms
One of Mesh’s key features is its ability to facilitate the transfer of assets, including cryptocurrencies, across different platforms. This functionality empowers users to move their assets between wallets and exchanges with ease.
Account Aggregation
Mesh offers users the convenience of aggregating all of their accounts in one place. This means that users can connect different asset classes and accounts holding those assets, allowing for a comprehensive overview and management of their digital assets.
In-App Transfers, Payments, and Payouts
Mesh provides users with the capability to perform in-app transfers of assets across exchanges and wallets. It also enables seamless payments and payouts of cryptocurrencies, further streamlining the overall user experience.
Security and User-Friendliness
Data and Credential Storage
Mesh prioritizes the security and privacy of its users’ data and credentials. The platform does not store users’ personal information or credentials, minimizing the risk of data breaches and unauthorized access.
Anonymity of Transfer Destinations
Mesh ensures anonymity for transfer destinations from the perspective of external accounts. This means that the destination of the transferred assets remains private, adding an extra layer of security and confidentiality.
Direct Account-to-Account Transfers
Mesh specializes in direct account-to-account transfers, enabling users to move their assets securely and efficiently. By eliminating unnecessary intermediaries, Mesh provides a more direct and streamlined transfer process.
Market Potential
Number of Digital Asset Users
The market potential for digital assets is continually growing. Millions of people worldwide have invested in digital assets, with 16% of adult Americans being among them. This demonstrates a significant and expanding market for services like Mesh, which cater to the needs of digital asset users.
Market Capitalization
Digital assets reached a total market capitalization of $3 trillion globally in November of last year. This represents a substantial opportunity for companies like Mesh that aim to serve the growing digital asset market.
Customer Base
Paying Clients in Finance and Digital Assets Industries
Mesh already boasts an impressive customer base, with 70 paying clients across the finance and digital asset industries. The company’s services have been well-received within these sectors, showing that there is a demand for a solution like Mesh.
Large Addressable Market
With a market size in the trillions of dollars and millions of digital asset users, Mesh has a large addressable market. The company has positioned itself to serve this market, offering solutions that cater to the needs of both businesses and individual users.
Long-Term Vision
Execution with Funding
Mesh’s successful Series A funding round places them in a strong position to execute their long-term vision. The additional capital will enable the company to continue developing its tools and expand its reach in the market.
Mesh’s Future Plans
Looking ahead, Mesh aims to be present in every digital transaction and make it more secure, compliant, and user-friendly. With its plug and play solution, Mesh seeks to provide businesses with increased interoperability and offer a seamless digital experience to users. By focusing on security, compliance, and user-friendliness, Mesh aims to solidify its position as a leading provider in the digital asset management space.
