Singapore-based decentralized trading platform prePO said Wednesday it has closed a $2.1 million strategic round led by Republic Capital and IOSG Ventures, turbocharging its mission to democratize pre-public investing.
Other participants in the round including MEXC, AscendEX, GCR, Shima Capital, Caballeros Capital, Dexterity Capital, HoneyDAO, NeptuneDAO; Founders from Gnosis, 1inch, Moonbeam, Zapper, Gelato, BarnBridge, Zeta, Fleek, Immunefi, deBridge, Thales, Dapp.com; and many others, prePo said in a statement.
The funding will help the firm to unlock private markets like SpaceX and OpenSea for the masses.
“We’re incredibly grateful to have such an all-star group of backers. Their industry expertise, deep networks, funding, and long-term support, will be invaluable in accelerating the growth of prePO,” said prePO Founder Xavier Ekkel.
This fundraise follows last year’s $1.1 million seed round, which included The LAO, Maven 11, Apollo Capital, Koji Capital, and founders from Illuvium, Alchemix, mStable, dHedge and Zed Run.
“We believe prePO’s approach to synthetic pre-public assets is a game changer for those who have not been able to participate in the private markets before,” said Brian Johnson, Head of Crypto at Republic Capital.
PrePO is a decentralized trading platform allowing anyone to gain synthetic exposure to any pre-IPO company or pre-token crypto project. It allows anyone to go long or short on any pre-IPO company or pre-token crypto project, in an instant and non-custodial manner.
By using prePO, retail investors will finally have access to opportunities that venture capitalists, institutional investors, and private equity firms have enjoyed exclusively for decades. Investors can also use the platform to hedge their exposure to pre-public assets in their portfolio, or for transparent and up-to-date market pricing.
PrePO’s mission is to democratize pre-public investing – transforming a world of financial exclusion into a world of permissionless access.
“PrePO’s breakthrough design ensures that adequate liquidity exists for speculation, and that liquidity providers are risk-limited and rewarded meaningfully,” said Ray Xiao, Principal at IOSG Ventures.
PrePO’s token is expected to launch in the second quarter of 2022, with bonus rewards for those who register on the whitelist.
The first version of the platform will launch directly on the ethereum scaling solution Arbitrum shortly after the token launch.