Urban construction startup Praxis secures $15M in Series A funding

Peter Thiel-backed city-building startup Praxis has raised $15 million in Series A funding from various venture capital firms led by Paradigm Capital, Sam Bankman-Fried’s Alameda Research and Three Arrows Capital.

New York University’s Dryden Brown and Boston College’s Charlie Callinan co-founded Praxis, formerly Bluebook Cities in 2019, describing their goal as “building the city-crypto-state to realize a more vital future,” according to the site. Company website.

Praxis wants to move away from “artificially rare metaverses” to build a city-state organized around “shared values” rather than “industrial age labor market principles”. The cryptocurrency-run city would have a strong focus on functional architecture and environmental technology.

The Praxis team have yet to secure a major land deal on which to build their city, but they are reportedly looking to be based somewhere in the Mediterranean. In a YouTube interview, co-founder Dryden Brown said:

“We’re not trying to be a fully sovereign nation or anything like that. We want to partner with a government and build something really cool that works with us and works for them and is mutually beneficial.

Related: a16z and Google lead $20m investment in Africa’s Web3 game publisher Carry1st

In addition to Paradigm, Alameda Research and capital from Three Arrows, investors in this round include Apollo Projects as well as Robot Ventures. Praxis raised $4.2 million in a seed round late last year, with tech entrepreneurs Balaji Srinivasan and the Winklevoss twins among investors.

Paradigm recently dethroned a16z as the world’s largest crypto venture fund in November last year, raising $2.5 billion for its “New Venture Fund”.