CDS Startups Foundation Raises $7 Million

Foundation Raises $7 Million

Foundation Raises $7 Million in Seed Round
Foundation Raises $7 Million in Seed Round

Foundation is a computing company that develops Bitcoin-based tools that allow users to gain digital dominance.

About the Seed Funding Round

Foundation Devices recently organized a seed funding round under the leadership of Polychain Capital. In addition, existing investors Third Prime, Warburg Serres, Unpopular Ventures, and Bolt, as well as new investors Greenfield Capital and Lightning Ventures, were among the investors participating in the round. The company recently announced that it has raised a total of $7 million in funding in its funding round. 

The company will use the funding it received in the seed round to expand its team and continue building open-source hardware and software products that provide a seamless, sovereign experience to its users. 

Foundation’s Development

The company was established in April 2020. The company’s flagship product, Passport, is a premium Bitcoin hardware wallet. Featuring superior security, the Passport hardware wallet offers a unique combination of intuitive design and a mobile-first approach with QR codes. Foundation also launched the second generation of its Passport hardware wallet in the first quarter of 2022. 

In addition to all these, the Foundation continues to develop Envoy, its mobile application as a standalone sovereignty toolkit complete with Bitcoin software wallet. 

Zach Herbert, Co-Founder and CEO of Foundation Devices said: “Preserving freedom and privacy is more important than ever amid worldwide censorship, privacy violations, and reckless financial and monetary policies. As the line between the physical and digital world continues to blur, we are excited to continue delivering decentralized products that usher in a new era of freedom and prosperity for users across the globe. This seed round marks just the beginning of our journey to build the world’s first sovereign computing platform.”

About Foundation Devices

Launched in April 2020, The startup is developing products that make Bitcoin and decentralized technologies accessible to everyone and allow users to regain their digital sovereignty. The Foundation’s open source products include Passport, a best-in-class Bitcoin hardware wallet, and Envoy, a mobile application.



Written by

The author focused on financial markets after graduating from Anadolu University, Department of Economics. After meeting with blockchain technology in 2019, he produces content on youtube and twitter in this field.

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