Bitcoin Hardware Wallet Maker Foundation Devices Completes $7 Million Seed Round

Led by Polychain Capital, new investors into the Bitcoin hardware and software firm include Greenfield Capital and Lightning Ventures.

Foundation Devices has announced the end of a seed round raising $7 million, led by Polychain Capital. Other investors included new additions Greenfield Capital and Lightning Ventures, alongside previous investors Third Prime, Warburg Serres, Unpopular Ventures and Bolt.

Bolt, an early stage venture fund, previously led a seed round for Foundation which amounted to $2 million. That was just a month after Foundation’s launch of its original flagship product, the Passport.

Since then, the company has released the second edition of the flagship Passport, “which continues to gain traction and adoption among consumers with thousands of Passports sold over the last 18 months,” according to today’s press release.

The company is also focused on its new mobile app titled “Envoy” which 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.”

Reiterating the company’s focus on privacy and sovereignty, CEO Zach Herbert stated that “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, saying, “We are incredibly excited to support them on the next phase of their vision to empower self-sovereign individuals through decentralized technologies.”

Foundation Devices was launched in April of 2020. 

19 December 2022 19:10