US-based crypto firm ConsenSys is looking for $200 million to reconstruct its operations, according to its press release.
After almost 2 years working as the head of ConsenSys Venture, Kavita Gupta confirmed her leaving with the news outlet The Block. She will be teaching at Standford for 2 years but will remain as an advisory for the firm.
Following Gupta departure, ConsenSys Ventures, its Tachyon accelerator, and the ConsenSys Labs will be united under one investment arm. Joseph Lubin, ConsenSys founder, and CEO, stated in the press release: “To continue to scale our investment activities, we need to consolidate systems and operations to improve our efficiency and portfolio management, while providing the best possible experience for founders in every phase of the company building lifecycle,’ he added that, “As the market matures and grows, we are redesigning our investment activities to reflect our learnings and established best practices.”
2018 was a rough year for ConsenSys with just $21 million in revenue and was forced to lay off 13% of its staffs.
However, other administrators stay optimistic about the upcoming year, especially on the Ethereum (ETH).
“We are at an incredibly exciting inflection point in our ecosystem; we are seeing many successful founders from the Web 2.0 era turning to Ethereum and choosing to partner with ConsenSys as they look to build their next ventures,” said Ron Garrett, managing partner at ConsenSys Labs. He added: “ConsenSys is committed to pushing the limits of what venture capital means in an industry redefining decades-old investment norms.”
Earlier this year, ConsenSys collaborated with Abu-Dhabi-based Halo Holdings and processor producing giant AMD to develop blockchain-based cloud computing infrastructure, reported by The Crypto Sight on January 7.