Lucy Labs, a multi-strategy cryptocurrency asset management firm focused on developing and applying quantitative and fundamental trading strategies, has raised a total of $3 million to expand the firm’s infrastructure, hire additional investment professionals and incubate additional trading strategies.
The round was led by DeepWork Capital, an early-stage venture capital firm investing in the future of technology and life sciences, with participation from Cogent Bancorp Inc., which is the financial holding company that operates Cogent Bank, a FDIC insured Florida-based bank with $1 billion in assets. Other participants include Red Building Capital, Immeasurable, and other strategic investors.
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Lucy Labs manages a range of quantitative strategies exploiting momentum and carry factors, targeting moderate to aggressive returns while maintaining rigorous risk management and strategy-specific structures to reduce the volatility inherent in the cryptocurrency markets. The firm also acts as a market maker and liquidity provider in both centralized and decentralized exchanges.
Founded in 2017 as a proprietary trading firm, Lucy Labs has achieved significant trading profitability in each year of operation. The Lucy Labs’ team has a total of 20 plus years of cryptocurrency research and trading experience in addition to expertise in quantitative trading, private equity, venture capital, FinTech, derivatives and fundamental equity/fixed income analysis. Lucy Labs launched its three strategies to outside investors in November 2021 and is accepting commitments on a rolling monthly basis.
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“After 4 years of operating as a proprietary cryptocurrency trading firm, we are thrilled to have closed this round of financing and open up our investment strategies to outside investors. We are enthusiastic about joining forces with DeepWork Capital and Cogent Bank to expand our product offering tailored to meet the evolving needs of retail and institutional investors.” shared George Chuang, CEO and Co-Founder, Lucy Labs.
“Over the past several years, we have been researching how to best participate in the cryptocurrency market. As we developed a relationship with the team at Lucy Labs, we saw a clear opportunity to leverage our combined strengths and experiences to service unprecedented demand in the crypto markets.” said Mitchel Laskey, Co-Founder and Managing Partner, DeepWork Capital.
“Cogent Bancorp is excited to be investing in Lucy Labs. We share a passion for creating accessibility to digital asset related investments that Lucy Labs offer.” said Lee Hanna, CEO, Cogent Bancorp, Inc.
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