ConsenSys Announces Major Restructuring – Details
ConsenSys, New York-based blockchain company is restructuring its various operations to shore up its market presence as it seeks $200 million in funding.
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ConsenSys will consolidate ConsenSys Labs, accelerator Tachyon and VC operation, ConsenSys Ventures, under one umbrella investment arm and this move will see the departure of a founding executive, Kavita Gupta.
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ConsenSys Ventures, which launched in September 2017, will no longer have Kavita Gupta at its helm, she confirmed to cryptocurrency news outlet The Block on Monday.
ConsenSys founder Joseph Lubin said: “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,”
“As the market matures and grows, we are redesigning our investment activities to reflect our learnings and established best practices.”
The firm’s recent pledge to raise $200 million follows a difficult year, in which the cryptocurrency bear market saw it resigned to cut staff numbers.
Gupta, who has been with ConsenSys since its inception, will stay on in an advisory role.
Ron Garrett, ConsenSys Labs managing partner said: “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,”
“ConsenSys is committed to pushing the limits of what venture capital means in an industry redefining decades-old investment norms.”