A versioned, decentralized, electronic agreement platform, EthSign raised $12 million in its seed round via an agreement for future token (SAFT) sales. The seed round saw investments from all three units of Sequoia VC- Sequoia Capital, Sequoia Capital India, Sequoia Capital China.
It also saw investments from Mirana Ventures, Amber Group, Matrixport and angel investors such as Balaji Srinivasan, Tegan Kline (The Graph), Sandeep Nailwal (Polygon), Sid Powell (Maple Finance) and Thomas Vu (Riot Games).
EthSign Signatures is live and has more than 13,000 signatures. The company is now working on developing an upgraded version of EthSign Signatures, which will be launched in the second quarter of this year.
“Initially, we built EthSign as a decentralized Docusign for traditional and Web3 entities to conduct PDF agreements on the blockchain. But EthSign is set to catalyze the next era of agreement where the execution of terms can be trust-less and automated,” says Potter Li, one of the founders of EthSign.
The company plans to launch EthSign Smart Agreements in the third quarter of this year, a customizable escrow framework that helps users execute signed agreements via smart contracts based on predetermined conditions.
EthSign Tokentable, is the latest product in development, which the company intends to make a one-stop solution for VC’s, angels, and DAO’s to automate the process of funding and vesting for Web3.
The company also raised $650,000 in its pre-seed funding round led by venture capital firm Draper Associates.
This is not Sequoia Capital India’s first rodeo in investing in the developing Web3 world. Apart from leading a $450 million funding round for Polygon, the VC also has investments in startups like Betafinance, Coinshift and Faze.