Web 3.0 infrastructure firm Fortress raises $22.5m

Funding will help Fortress build its software and extend its regulatory services globally

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Notable angel investors in Fortress Blockchain Technologies’ funding round included founder and CEO Scott Purcell – Photo: Shutterstock
                                

Web 3.0 specialist firm Fortress Blockchain Technologies has raised $22.5m (£18.4m) as part of a seed funding round led by Florida-based investment firm Ayon Capital

The round included participation from Soaring Investment Management as well as other notable angel investors, including the firm's founder and CEO Scott Purcell, who invested an undisclosed amount.

The funding will help the Nevada-based firm to build its software and begin to extend its regulatory services globally. Fortress confirmed it also aims to grow its sales and operational teams to support a wide variety of customers across different industries.

Technological and societal shifts “ushering in Web 3.0”

Fortress’ team of around 80 employees aim to build on the business’s current product suite to create a “complete financial services stack”, which includes asset custody, payments, compliance and crypto liquidity as well as other utilities required by Web 3.0 innovators. 

Purcell said: “The tokenisation of information and assets via fungible and non-fungible tokens [NFTs] will transform the world, and we look forward to helping Web 3.0 innovators of all types with the financial, regulatory and technology infrastructure they need to build incredible businesses.”

Soaring Investment Management director Frank Zhang added: “Technological and societal paradigm shifts are ushering in Web 3.0. Fortress is one of the critical building blocks for this next wave of the web.

“Fortress is positioning itself as the infrastructure partner of choice for corporate brands, crypto exchanges, NFT marketplaces, neo-banks, fintechs, healthcare firms and others entering the space with their Web 3.0 initiatives.”

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