Longtime Bitcoin bull Anthony Pompliano launches cryptocurrency firm Inflection Points with $ 12.6 million raise – TechCrunch

Over the past 18 months, Inflection Points has been working in stealth mode to develop a cryptocurrency-focused employment and business training business and has just secured $ 12.6 million in funding.

The company was founded by Colton Sakamoto and longtime crypto founder and investor Anthony Pompliano in an effort to help connect crypto companies looking for talent with people who wanted to enter the room.

“Of course most people know me for the investment activities I have done,” said Pompliano. He manages a portfolio worth over $ 500 million and has invested in over 100 early-stage companies, including the cryptocurrency exchange Coinbase and the recently acquired FTX crypto-loan company BlockFi.

Pompliano has also built up a significant Twitter presence over the years and pumped up hype in the crypto space with bold predictions and efforts as a nationwide Bitcoin Pizza brand and a partnership with the start-up sneaker company Atoms on one Bitcoin brand pair of shoes. He has also attracted some criticism for highlighting the efforts of Terra for his followers.

“On the site, I have built a large content platform. In crypto, I would always ask the founders of different platforms what they need help with, and over and over again they would say, ‘if you have great talent, send them my way,’ “Pompliano said. “You expect it to some degree, but after hearing that so many times I learned that companies really struggled to find people, and meanwhile my inbox was full of people who wanted to move into the industry.”

The company has been profitable since its inception and brought in external financing after it reached seven figures in turnover, according to a press release.

With that said, the fundraiser was less about money and more about getting the right investors, Pompliano noted. “You put these people together whether it was $ 10 million, $ 12 million or $ 15 million, it didn’t matter as much as getting people to help us – these investors have been incredibly valuable.”

Investors in the round include billionaire investor Peter Thiel’s VC firm Thiel Capital, Fifth Down Capital, XYZ Fund, Rose Park Advisors, Blockchange and Third Prime. In addition to angel investors such as former CFO of Palantir Colin Anderson, Eight Sleep CEO Matteo Franceschetti, former Allergan CEO Brent Saunders and real estate developer Marc Roberts. Andrew Spellman, Fifth Down Capital’s founder and managing partner, joins the board.

The company also acquired the cryptocurrency-focused recruitment agency Proof of Talent. Inflection Point has helped over 1,000 people get new jobs in the crypto industry at large companies such as Coinbase, Gemini, Kraken and so on, Pompliano shared.

“[There’s] a brain drain from Silicon Valley and Wall Street to this sector, ”said Pompliano,“ It’s not just an American story; it’s a big part of it, and it’s a current leadership opportunity, but there’s quite a lot of participation from different markets around the world. “

In the long term, Pompliano expects that the job opportunities in the crypto area will continue to expand.

“If you look at Google and Amazon, they offer blockchain as a service. All of these companies are going to do it, so do service providers like lawyers and accountants,” said Pompliano. “What we end up with is explosive job growth in space. Some “There will be new companies and others will be large existing companies that use products like Square. Some of them will be completely pivotal companies.”

In recent weeks, there have been a number of layoffs in many industries – including crypto. To name a few, Gemini, Crypto.com and Coinbase have laid off employees, raising concerns for anyone wishing to enter (or stay) in the crypto economy.

While the current crypto market is volatile, Pompliano emphasized that there are also boom and bust cycles on the employment front.

“Like how investors get excited in boom cycles and don’t do it in bust moments,” Pompliano said. “You see that with companies too; some hire hundreds a year while others have layoffs. ”