Sydecar, a California-based frictionless deal execution platform for venture investors, announced that it has secured $8.3M in seed investment funding led by Deciens Capital. Other investors, including Pipeline Capital Partners, Anthemis Group, and Hustle Fund VC, participated.
Additional angel investors and strategic operators also participated in the round, including Mike Vaughan, (Former COO at Venmo); Shai Goldman (XIR Lead at Brex); Nik Milanovic (General Partner at The Fintech Fund); Rohini Pandhi (Product Lead at Square); Daniel Khan (Open Finance Lead at Plaid); Samir Kaji (CEO & Founder of Allocate); Karim Bhalwani (Head of BD & Sales at Remitly); Anil D. Aggarwal (Founder & CEO at Fintech Meetup); Winter Mead (CEO & Managing Partner at Coolwater Capital); Jonathan Weiner (Founder of Money 2020); Maia Bittner (Voice of the Member at Chime); and Hayden Simmons (Founder at Rally Cap Ventures).
How will the funding be used?
The latest capital will enable the company to hire talents across product and engineering, customer experience, marketing, and operations. The company is also planning to expand its product offerings, including an upcoming enterprise integration.
What does Sydecar solve?
The opportunity in venture capital is greater than ever. But for aspiring investors, getting started can be intimidating, expensive, and time-consuming. Sydecar was founded based on the idea that anybody should be able to fund entrepreneurs who are changing the world.
“After launching a venture fund with my co-founder David in 2018, I became aware of how painfully clunky and unnecessarily complex the fund formation process can be,” says Nik Talreja, founder & CEO of Sydecar. “There was an immense amount of friction between putting capital to work, establishing relationships, and backing founders.”
The company aims to make private investing simple so the entrepreneurs can focus on what matters most.
“We created Sydecar to be the product we wished we had when we were starting out,” says co-founder and Sydecar’s CBO, David Meister. “Our goal is to help anyone invest in the entrepreneurs they believe in, without needing a personal team of lawyers and accountants.”
Frictionless deal execution platform
Founded by Nik Talreja and David Meister in 2021, Sydecar is a frictionless deal execution platform for venture investors.
The company’s platform handles back-office operations for venture investors, automating banking, compliance, contracts, and reporting.
As per the company’s claims, this streamlines the entire ecosystem by removing friction from the deal-making process. The US company has already supported deals from $25k to $100M for thousands of investors.
To date, they have helped thousands of investors close over $350M in deals, both through direct deals on their platform and through partnerships with companies like Stonks and Allocate.
In terms of the investment vehicle, Sydecar platform supports special purpose vehicles (“SPVs”) established in the state of Delaware. Further, the platform allows venture investors to keep up with the pace of the market, launching investment vehicles in minutes rather than days or weeks.
Based out of San Francisco, Deciens Capital is a venture capital firm that focuses on making angel and seed investments. The company invests time and money in founders who are seeking to reduce inefficiencies in large industries with demonstrable disruptive information technology.
“At Deciens, we believe in building the next generation of financial services,” says Daniel Kimerling, Founder & Managing Partner at Deciens Capital.
He adds, “Sydecar sits at the intersection of financial, legal, and technological innovation. With their product-first approach comes the ability to push the boundaries of the possibility of private investment through thoughtfully architected investment structures. We’re excited to not only support them as investors but to see how their product changes how we operate and work ourselves as a VC.”