Investing in Eco
One of the challenges in any new industry — crypto being no exception — is building things that are not just cool for the sake of cool, but that manage to reach and delight a broad set of users. Technology is at its best when it’s improving the lives of people in tangible, concrete ways. And with new technology like crypto, the strongest approach is often to give users those benefits without requiring them to get too involved in the nuts and bolts.
At a16z Crypto, we are constantly on the lookout for paths to get cryptocurrency into the hands of the next billion people. How do we think that will happen? By helping them achieve what they already want to do: spend, save, and make money — and by focusing users on tangible benefits, not on the underlying technology.
That’s why we’re excited to announce our investment in Eco.
Eco’s mission is to reimagine not only how consumer financial products work — but also to reimagine money itself. Eco is not a bank, checking account, or credit card. Although it has elements of each, it’s better than all of those. It begins as a single wallet that rewards you anytime you save or spend your dollars.
Today, financial transactions involve numerous players at every level — banks, credit cards, processors, and more — introducing inefficiencies and fees along the way. Without the burden of legacy, misaligned business models, Eco is able to offer rewards that sound almost too good to be true, but aren’t.
As investors, we’re in the business of finding and backing big ideas, and Eco has no shortage of those. The challenge is often finding teams who have the skills to back up that vision and bring it to life.
In Eco, we found both.
We’ve gotten to know Andy Bromberg and the rest of the Eco team through their work in the crypto space over the last several years. Our firsthand experience and the feedback from others in the community has been resoundingly positive.
Andy, Ryne, and Henry’s backgrounds bring an incredible mix of crypto expertise, product skills, legal acumen, and raw intellect. Their drive and enthusiasm are obvious, and just what is needed to help bring a fundamentally new, consumer-aligned network into the world.
We’re thrilled to be partnering with Eco, and can’t wait for you to #takeyourcashback.
The views expressed here are those of the individual AH Capital Management, L.L.C. (“a16z”) personnel quoted and are not the views of a16z or its affiliates. Certain information contained in here has been obtained from third-party sources, including from portfolio companies of funds managed by a16z. While taken from sources believed to be reliable, a16z has not independently verified such information and makes no representations about the enduring accuracy of the information or its appropriateness for a given situation. In addition, this content may include third-party advertisements; a16z has not reviewed such advertisements and does not endorse any advertising content contained therein.
This content is provided for informational purposes only, and should not be relied upon as legal, business, investment, or tax advice. You should consult your own advisers as to those matters. References to any securities or digital assets are for illustrative purposes only, and do not constitute an investment recommendation or offer to provide investment advisory services. Furthermore, this content is not directed at nor intended for use by any investors or prospective investors, and may not under any circumstances be relied upon when making a decision to invest in any fund managed by a16z. (An offering to invest in an a16z fund will be made only by the private placement memorandum, subscription agreement, and other relevant documentation of any such fund and should be read in their entirety.) Any investments or portfolio companies mentioned, referred to, or described are not representative of all investments in vehicles managed by a16z, and there can be no assurance that the investments will be profitable or that other investments made in the future will have similar characteristics or results. A list of investments made by funds managed by Andreessen Horowitz (excluding investments for which the issuer has not provided permission for a16z to disclose publicly as well as unannounced investments in publicly traded digital assets) is available at https://a16z.com/investments/.
Charts and graphs provided within are for informational purposes solely and should not be relied upon when making any investment decision. Past performance is not indicative of future results. The content speaks only as of the date indicated. Any projections, estimates, forecasts, targets, prospects, and/or opinions expressed in these materials are subject to change without notice and may differ or be contrary to opinions expressed by others. Please see https://a16z.com/disclosures for additional important information.