Former Revolut Revenue Chief Alan Chang has raised $78 million for Tesseract, his initiative aimed at tokenizing the electricity market. Reported by The Block.

The project was co-founded by another former employee of British fintech company Charles Orr.

Chang said Tesseract has raised $30 million in traditional capital. The remainder of the amount was received through the sale of its own token.

The funding round included venture capital firms Balderton, Lakestar, Accel, Low Carbon, Ribit Capital, Box Group and former Formula 1 driver Nico Rosberg.

According to LinkedIn, Chang left Revolut in September despite starting the startup nine months ago. Reporting on this incident, Insider described him as a “key assistant” to Revolut founder Nikolai Storonsky.

In May, the publication reported that Tesseract had raised $150 million in seed funding from Balderton, Accel and Creandum.

The startup plans to purchase electricity from renewable sources at fixed prices and make it available to consumers through purchase agreements. The latest Tesseract tokens. Each token will give ownership of 1W of power in the company’s network.

“Our co-founders Alan Chang and Charles Orr were among Revolut’s first employees to grow from a small startup to $33 billion in fintech. They made the company profitable and raised over $500 million in venture capital. Now they will do the same in the energy industry.”

Recall that since the beginning of the year, cryptocurrency-friendly Revolut has taken a number of additional steps into the Web3 industry. In April, the company confirmed the development of a wallet for digital assets.

In May, Storonsky announced Revolut’s plans to launch its own token.

In August, the fintech company received permission from the Cyprus Securities and Exchange Commission allowing it to offer cryptocurrency services in the European Economic Area.

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