Latest news with #RibbitCapital
Business Insider
03-07-2025
- Business
- Business Insider
The Open Platform is first unicorn in Web3 ecosystem in Telegram at $1bn valuation
The Open Platform raises $28.5M in Series A equity funding round, showcasing investor confidence in TON's ecosystem The equity round was led by Ribbit Capital, a leading fintech and crypto investor, with Pantera Capital also participating. The investment underscores strong confidence in The Open Platform's continued development of the blockchain ecosystem in Telegram, being built on TON. The involvement of prominent investors and the raised capital will support the launch of TOP's portfolio companies across the U.S., EU, and other key regions. The Open Platform, the leading tech company developing TON-based innovations in Telegram, has announced the completion of its Series A and subsequent extension funding rounds, reaching a $1 billion valuation and becoming the first unicorn in the TON-based ecosystem in Telegram. The Open Platform raised $28.5 million in an extended Series A funding round, led by Ribbit Capital, with Pantera Capital also participating. Including this latest raise and previous seed investments, The Open Platform has now secured over $70 million in total funding. These investments demonstrate the confidence that leading investors have in The Open Platform's ability to spearhead the growth of the blockchain ecosystem in Telegram. This ecosystem is being built on TON Blockchain – a fully decentralized and highly scalable blockchain that is the exclusive blockchain partner of Telegram Messenger. The current strategic focus of The Open Platform centers on geographical expansion. The involvement of prominent investors, along with the newly raised capital, will support the launch of TOP's portfolio companies across the U.S., EU, and other key regions — in alignment with TON Foundation's global vision. This expansion will involve significant investment in go-to-market strategies, regulatory licensing, compliance infrastructure, and security enhancements, all aimed at ensuring sustainable growth and long-term success in these new jurisdictions. Andrew Rogozov, CEO and Founder of The Open Platform, said, 'This investment supports our long-term strategy to scale the adoption of blockchain-based products by leveraging the power of Telegram as a distribution channel. By combining TON Blockchain with Telegram's global reach, we're building both the infrastructure and the consumer-facing apps needed to onboard a billion users to crypto.' The Open Platform is driving the growth of the TON-based ecosystem within Telegram, building both core infrastructure and consumer-facing apps across finance, gaming, and entertainment. Products that The Open Platform has powered include Wallet in Telegram, a digital asset solution seamlessly embedded into Telegram's interface; Tonkeeper, TON's leading non-custodial crypto wallet; the leading swap dApp on TON and the developer of a liquidity aggregation protocol, Omniston; Getgems, TON's foremost NFT marketplace; Tribute, a monetization platform for creators in Telegram; and Notcoin, a viral Tap-to-Earn game, along with many more products. By integrating blockchain technology into everyday digital experience, The Open Platform is creating a seamless, scalable platform designed for a billion users, accelerating the mainstream adoption of crypto — expanding global access to financial services, and enabling a new generation of builders and developers to build the next wave of consumer dApps. This latest investment from Ribbit Capital, which has previously provided early-stage investment to Coinbase, Nubank, and Revolut, amongst many others, and Pantera Capital, is a testament to the potential these investors see in the integration of blockchain technology into a messenger application with over a billion users. Micky Malka, Founder of Ribbit Capital, said, "We back teams that reimagine how the world experiences money and technology. The Open Platform's vision of building an intuitive and open platform that enables a robust digital ecosystem to form within Telegram — a platform used by hundreds of millions — opens a new frontier of opportunities for builders and users on a global scale.' 'We're thrilled to back this exceptional team led by Andrew. The opportunity to support groundbreaking tech and financial products that reach 1 billion people is inspiring," said Ryan Barney, Partner at Pantera Capital. 'We're excited to collaborate with the TOP team and strengthen our commitment to TON and Telegram's ecosystems.' TON Blockchain has been the subject of increased institutional interest throughout this year. In March, TON Foundation announced that several leading investors, including Sequoia Capital, Ribbit Capital, Benchmark, Draper Associates, Kingsway, Vy Capital, Libertus Capital, CoinFund, SkyBridge, Hypersphere, and Karatage, have acquired and now hold $400 million worth of Toncoin, signaling growing interest in the TON-based ecosystem in Telegram. The Open Platform (TOP) is the leading tech company developing Web3 innovations in Telegram. TOP is fueling the Telegram economy through both foundational infrastructure and consumer-facing apps. By integrating blockchain technology into day-to-day digital experience, TOP is building a seamless, scalable platform designed for a billion users — accelerating the mass adoption of crypto. Contact
Yahoo
03-07-2025
- Business
- Yahoo
The Open Platform Becomes First TON Unicorn Following $28.5M Raise
The Open Platform (TOP), a provider of tools for developers in Telegram's crypto infrastructure, said it raised $28.5 million in an extended Series A round led by Ribbit Capital, with participation from Pantera Capital. The raise brings TOP's valuation to $1 billion, making it the first unicorn in the TON (The Open Network) ecosystem, the company said. The company is building core infrastructure and consumer-facing apps on TON, Telegram's official blockchain partner, aiming to scale crypto adoption across its global user base. The funding, which pushes TOP's total capital raised to over $70 million, signals growing investor confidence in Telegram's blockchain push. TOP plans to use the capital injection to expand across the U.S., Europe and other markets, investing in compliance, security and go-to-market strategies, it said. Products that it's developed, or which use its tools, include a Telegram-integrated wallet, non-custodial storage, decentralized exchanges, non-fungible token (NFT) marketplaces and games like the viral tap-to-earn hit Notcoin. The Open Platform CEO and founder Andrew Rogozov said the company's goal is to attract a billion users into crypto by leveraging Telegram's distribution power and TON's scalability. The investment follows a wave of institutional interest in TON. Earlier this year, the TON Foundation revealed that investors including Sequoia Capital and Benchmark had acquired $400 million worth of toncoin (TON), the TON blockchain's native in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Arabian Post
03-07-2025
- Business
- Arabian Post
TOP Wallet's $28.5 Million Boost Sets Sights on U.S. and European Launch
The Open Platform, the team behind the Telegram Wallet on TON, has secured $28.5 million in a Series A round led by Ribbit Capital, propelling the company to a $1 billion valuation. The fundraising, achieved through the sale of 5% equity in traditional currency terms, positions TOP to expand its operations into the U. S. and European markets and to roll out blockchain-based games and AI-driven applications. TOP serves as the core developer for Telegram's official blockchain, The Open Network, and is responsible for creating and maintaining the Telegram Wallet, which facilitates peer-to-peer transfers within chats. The company will channel its new funds into market expansion and product development, aligning with its long-held strategy of leveraging Telegram's user base—now over a billion monthly active users—to advance the blockchain ecosystem. Ribbit Capital led the round, acquiring approximately 4–5% of TOP's equity. Other notable participants included Pantera Capital, reinforcing investor confidence in TON's growth potential. The funding arrived without any sale of cryptocurrency tokens, emphasising that the stake was purely equity-based. ADVERTISEMENT Since Telegram integrated TON in 2022, the ecosystem has witnessed rapid uptake. Metrics show active TON accounts rising from roughly 4 million to over 41 million, with more than 121 million unique Toncoin holders. Daily on-chain transactions surged from approximately 100,000 to 1.2 million, while total value locked has exceeded US $350 million. These figures underscore user engagement and the ecosystem's expanding financial activity. TOP's forthcoming initiatives include incubating blockchain-native games—both multiplayer and mini-app formats—that operate entirely on the TON chain. They will use Telegram's Mini‑App infrastructure, which is already adopted by over half a billion users. One such example is the viral 'Hamster Kombat' game, which has drawn over 300 million players and helped introduce mainstream audiences to blockchain functionality. AI-driven applications are another priority. TOP is developing tools and platforms that integrate machine learning models directly into TON-based environments, enabling chat-integrated utilities—such as fraud detection, financial analytics, and smart assistants—without departing the Telegram interface. Regulatory headwinds in the U. S. and Europe will present challenges. The SEC previously halted Telegram's launch of its native token, Gram, in 2020, leading to a refund and legal settlement. Now guided by Maximilian Crown—TON Foundation's newly appointed CEO with regulatory and compliance experience—TOP aims to navigate these complex legal environments. Crown's background at MoonPay, where he oversaw U. S. and European licensing, equips the project with added expertise as it seeks entry into compliant markets. Support from both traditional and crypto-focused investors reflects strong market confidence. Alongside Ribbit and Pantera, unicorn‐backed VCs such as Sequoia, Benchmark, and Kingsway have previously invested over $400 million in Toncoin, affirming institutional belief in TON's role as Telegram's blockchain layer. TOP's strategy reflects a broader shift within Web3—pursuing real-world use cases embedded into existing digital platforms. Using Telegram's 1 billion+ user base, BOTs, wallets, mini-apps, and secure messaging infrastructure, TOP aims to drive mass crypto adoption while sidestepping consumer-level friction. Analysts note that TOP's equity‑only raise is distinctive; contrast it with token sales that often involve community risk. By focusing on equity, TOP offers investors upside across its product stack—including wallets, DeFi tools, games, and AI utilities—without diluting with token allocation. Upcoming milestones include launching its U. S. and European operations before year‑end, unveiling its first wave of blockchain‑native games, and beta‑testing AI‑enhanced wallets and utility apps. With a valuation of $1 billion and deepening partnerships, TOP is well positioned to define Telegram's blockchain strategy beyond financial services into entertainment and artificial intelligence.
Associated Press
29-06-2025
- Automotive
- Associated Press
Good Drivers Finally Get a Break: Good Driver Mutuality Offers a Smart, Fair Alternative to Soaring Auto Insurance Costs
SAN FRANCISCO, CA / ACCESS Newswire / June 28, 2025 / As traditional premiums skyrocket, Good Driver Mutuality (GDM) offers a smarter, community-driven solution for unexpected vehicle repair expenses - helping members save on both collision and comprehensive events. The Problem & The Promise Auto insurance costs are spiraling out of control, leaving countless drivers struggling with ever-increasing premiums. Last year alone, average premiums surged by 24% nationwide, and Californians are bracing for a staggering 54% jump in 2025. For many, car insurance now consumes a painful 8-10% of their annual income, clearly signaling an urgent demand for a better solution. Here's the stark truth: most of us are remarkably safe drivers. Statistics show that 94% of drivers don't file a single collision or comprehensive claim each year. So, why are we consistently overpaying for a product we rarely use? This fundamental inefficiency is precisely why Good Driver Mutuality was founded. Backed by prominent Silicon Valley venture capital firms Ribbit Capital and Hedosophia, we empower responsible drivers to achieve savings through our innovative collision-and-comprehensive alternative, operating similar to a mutual aid community that genuinely rewards accident-free members. GDM's Community-Powered Savings: How It Works At GDM, we've reimagined how people handle unexpected vehicle repair expenses by creating a community where members share the costs of accidents and collectively keep more money in their own pockets. To understand how we fit into the landscape, it helps to know the basics: We offer a fresh approach specifically for collision and comprehensive repair expenses. When you receive a quote from GDM - which isn't insurance, it's split into two parts: Here's how this model delivers real savings: Each week, we total up all of the verified accident costs across the entire community. Every member contributes a proportional share from their pledge amount to cover these expenses. Weekly contributions vary, but over six months, most members pay just 30-40% of their total quoted amount in 'weekly sharing'. Factoring in the service fee and weekly sharing, members may save up to 40% off their full quote. For example, if you're quoted $1,000, you may be able to save up to $400! We prioritize transparency. Members get full visibility into how their contributions are used, with detailed info - including photos, repair invoices, and shop invoices for all community accidents - accessible directly within the GDM App. Protecting the Community: Quality, Care, and Trust We're not just about savings; we're about building a robust community of responsible drivers. We employ a 'positive selection mechanism' with clear eligibility guidelines that inherently lead to lower accident rates and greater savings for everyone. These include: When an accident happens, we make sure you get seamless, reliable support. Through partnerships with industry leaders like Innovation Auto Group and ServiceUp, you gain access to over 5,000 licensed and vetted repair shops nationwide. You can report incidents through the GDM App, connect with your Mutuality Advisor - who personally manages your case start to finish - and be guided to an in-network shop. We've negotiated discounted group rates, so even when repair costs and weekly sharing contributions arise, you ultimately bear a significantly smaller financial burden. Many members share glowing reviews about our comprehensive, positive support. As a valued member Jennifer attested, 'The Mutuality Advisor was always responsive and patient with my questions, and the whole repair process was easier and more personalized within GDM.' Get a Smarter, Fairer Quote in Minutes We're a community built for good drivers - and it's invite-only. All you need to join is your declarations page, driver license, and an invitation code. Download the Good Driver Mutuality app on the App Store or Google Play store, and you'll have a personalized quote in less than five minutes. We believe safe drivers deserve more than empty promises and overpriced premiums. We reward responsible habits with real financial relief, a transparent sharing process, and a smarter, fairer way to manage unexpected auto repair costs - all while helping make roads safer for everyone. About Good Driver Mutuality GDM (Good Driver Mutuality) is an AI-based vehicle damage mutual assistance platform. GDM is not insurance, operating through a community-based cost-sharing model, allowing members to collectively share repair costs for drivers involved in accidents. The platform aims to attract safer drivers and utilizes incentive mechanisms to encourage safe driving behaviors, thereby reducing the frequency of accidents and ultimately lowering shared costs for all members. To learn more, visit Contact: [email protected] References: SOURCE: Good Driver Mutuality press release
Yahoo
19-06-2025
- Business
- Yahoo
Multiplier Holdings launches with $27.5m
Multiplier Holdings, a technology company focused on building AI-native professional services firms, has publicly launched with $27.5m in Seed and Series A funding. The Series A round was led by Lightspeed Venture Partners, with participation from Ribbit Capital, which led the Seed round, alongside EDBI and SV Angel. The company acquires specialised professional services firms, such as tax and accounting practices, and integrates custom AI solutions to enhance scalability and profitability. Multiplier said its in-house library of AI and workflow components is tailored to each acquired firm's needs, automating time-consuming tasks to boost efficiency, productivity, and growth while improving client and employee experiences. Justin Overdorff Partner at Lightspeed Venture Partners said: 'Vertical SaaS might not be the best path to modernise an industry. 'Building an AI-native professional services platform from the ground up creates the most technological leverage and captures more incentive alignment between domain and technology experts than traditional SaaS. 'The Multiplier approach—an AI-first software company acquiring existing service firms to compete directly in the services business by using proprietary technology—allows us to elevate the client and staff experience in a radical way.' As a long-term owner, Multiplier embeds its technology directly into the firms it acquires, offering technical support and developing customised AI-driven solutions alongside staff. In its first eight months, Multiplier's AI-powered platform enabled Citrine International Tax to increase cash flows by approximately 2.5 times and reduce manual work significantly. Performance bonuses were shared with staff, while clients received enhanced services. Multiplier Holdings CEO and former Stripe executive Noah Pepper said: 'We believe the market will reward players who compete on technology-enabled client service through an integrated platform of people and tech. 'While our portfolio firms maintain operational independence, we align incentives across all stakeholders—from Multiplier leadership to firm leaders and staff—creating hybrid technology firms with exceptional client service, automation, and quality that traditional firms using off-the-shelf AI solutions simply cannot match.' "Multiplier Holdings launches with $27.5m" was originally created and published by International Accounting Bulletin, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
