R-Labs, a female-led blockchain-based fintech company, has announced that it managed to raise more than $5 million in a preseed funding round. The Austin, Texas-based financial technology company describes itself as a values-based company building a social impact ecosystem in Web3. R-Labs was cofounded by Geeta Sankappanavar and former Bumble VP of Marketing Chelsea Cain Maclin in early 2022.
The startup is looking to leverage the blockchain technology behind the cryptocurrency industry to develop and market digital assets in the controversial metaverse. This preseeding round was led by a variety of major investors including Prodege, AGF and Softbank. Later this year, R-labs plans to launch an NFT project that will arrive on Web3, also referred to as the internet’s third generation, this summer.
Web3 is considered to be the latest version of the worldwide web. It hosts decentralized applications that run on blockchain technology and places a heavy emphasis on ownership of data and user privacy. R-Lab’s purpose-led project is designed to function in this ecosystem and will be centered around the pillars of inclusivity, mental wellness, education, overall entertainment and sustainability.
R-Labs is set on bringing more utility and purpose to Web3 while addressing the passing of more than $24 trillion in generational wealth to millennials that will happen this decade. Furthermore, the startup would like to serve millennials’ desire to use their financial muscle for environmental and social good.
Cofounder Sankappanavar says that in the future, generations will own digital wallets before they open their first bank accounts. She states that this will democratize wealth creation and allow individuals as well as companies to make sure their money aligns with their interests and values. Sankappanavar is an industry leader with extensive business and investing experience. She has also been a pioneer in combining purpose and transparency in Web3 with institutional investment.
Cofounder and former VP of marketing at online dating site Bumble Maclin says the startup’s goals are informed by human connection, innovation and a drive to create measurable impact in the world. On top of attracting a host of notable investors to this preseeding round, advisors for the startup’s initiatives and projects have been linked to major organizations and projects in the industry such as Decentraland, Azuki, Creative Artists Agency (CAA) and Warner Music Group (WMG).
R-Labs’ leadership team consists of former executives and founders from Deutsche Bank, Rovio, UBS, Draft Kings, Credit Agricole and Bumble.
R-Labs joins a long list of companied like LQwD FinTech Corp. (TSX.V: LQWD) (OTCQB: LQWDF) which are focused on bringing blockchain technology to the ordinary person on the street.
NOTE TO INVESTORS: The latest news and updates relating to LQwD FinTech Corp. (TSX.V: LQWD) (OTCQB: LQWDF) are available in the company’s newsroom at http://ibn.fm/LQWDF
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