Morgan Creek Digital leads fresh cash injection
As Fortune reported on Sept. 23, Elementus, which launched its offering in 2017, also gained capital from Stage 1 Ventures and Robot Ventures.
Morgan Creek Digital, the crypto-focused asset manager co-founded by well-known commentator Anthony Pompliano, led the round.
The tie to Fidelity came in the form of Avon Ventures, a subsidiary of the private equity arm of Fidelity’s parent company, FMR.
Blockchain-not-Bitcoin investments decline
According to Crunchbase, the $3.5 million is only the second for Elementus, having secured $800,000 in a seed round in April 2018.
Executives have yet to provide public confirmation of the funding.
Investments focusing on blockchain rather than Bitcoin have tailed off this year. Research from CB Insights in July showed a 60% decline, as an analyst from the company warned early enthusiasm around blockchain tech was beginning to wane.