Casa, a startup that helps crypto investors manage their private keys, has closed a $4 million seed round.
Avon Ventures, a venture capital fund affiliated with the fund management giant Fidelity Investments, led the investment.
Tioga Capital, Cadenza Ventures (a venture capital firm connected to BitMEX), Coinbase Venture and Champion Hill Ventures all invested for the first time alongside existing backers.
“Casa has built a product that combines best-in-class security with an intuitive user experience. Bitcoin owners no longer have to decide between simplicity and security for their bitcoin – Casa provides both,” said Sachin Patodia, partner at Avon Ventures. As part of the deal, Patodia joined Casa's board of directors, according to a Casa representative.
The money will be used for hires and product development.
The Casa app allows investors to buy bitcoin directly into Casa storage, which the startup says allows people to skip exchanges entirely. It also launched Casa Covenant in 2020 – a bitcoin inheritance tool.
Nick Neuman, Casa’s chief executive, said people have been “thinking critically about their security” during the recent bitcoin bull run.
He said his customers are moving their bitcoin off exchanges and using Casa for self-custody “without the fear of losing their bitcoin due to mistakes or theft.”