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Celo
Web3 financial tools for smartphones
- 101-200 employees
- Fintech
- B2C
- B2B
- Cryptocurrency
- Mobile
- Blockchain
- Web 3.0
- Mission District, San Francisco, CA
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Company mission
To build a monetary system that creates the conditions of prosperity for all.
Our take
There are no shortage of blockchain protocols and Web3 infrastructure projects in the works, but for all the recent improvements in the sector it still often seems like the realm of specialist developers and hardcore enthusiasts. Celo aims to change that, developing a blockchain optimised for efficiency and simplicity, so that mainstream users can access the benefits of Web3 technology as easily as using an app on their phones.
While Celo's carbon-negative environmental credentials are a stand-out feature in an industry which has generated a lot of concern around its use of energy, its main differentiator is that it is the only blockchain designed for mobile. Instead of the complicated addresses used to transact between users on other blockchains, Celo users can send currency to linked phone numbers, a much simpler proposition.
Celo has attracted a large amount of investment since its founding both in direct funding and via coin sales, and has developed a large network with over 1000 projects operating on its blockchain. While this is an encouraging start, time will tell if it attracts the kinds of projects that will generate the mainstream appeal that this platform needs to take off.
Steph
Company Specialist at Welcome to the Jungle
Funding (last 2 of 4 rounds)
Feb 2021
$20m
EARLY VC
May 2020
$10m
EARLY VC
Total funding: $66.5m
This company has top investors
Leadership
Rene Reinsberg
(President)Was previously a Partner at cLabs, and Entrepreneur in Residence at General Catalyst Partners. Before that was GM and VP Emerging Products for GoDaddy.