In a bid to scale up its business, New York-headquartered blockchain company ConsenSys is restructuring its various operations.
ConsenSys has consolidated its three wings – ConsenSys Ventures, it’s Tachyon accelerator, and the ConsenSys Labs – into a single investment arm, it stated in a May 6 released press release.
Commenting on the move, Joseph Lubin, founder and CEO of ConsenSys, 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.”
Following this path, Kavita Gupta, the head of ConsenSys Ventures, stepped down from her position, as reported by The Block on May 6. She was one of the key executives of the company and was oversing the company’s $50 million investment portfolio.
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“As the market matures and grows, we are redesigning our investment activities to reflect our learnings and established best practices,” Lubin added.
Founded by the Ethereum co-founder, the startup is focused on building a growing ecosystem of developers that work on decentralized applications and infrastructure for the Ethereum blockchain. In addition, the company also offers advisory services to enterprises and governments on blockchain technology.
Until now, the company is being funded by Lubin himself, however, due to the slump in the crypto market, the value of the stake he received from Ethreum also went down drastically. This forced the blockchain firm to seek $200 million in funding, according to a media report published last month.
Increasing investment portfolio
In the press release, the blockchain company also revealed that it has closed 21 investment deals, including ErisX, Truffle Blockchain Group, and Adhara, in the first four months in 2019.
“While ConsenSys is focused on building and providing the tools, products, and platforms to enable the decentralized ecosystem, we are equally interested in supporting and co-creating potential breakthroughs and key capabilities with the leaders of tomorrow through equity investments,” Lubin added.