Lucy Labs raises $3 million from DeepWork Capital, Cogent Bancorp, Inc. and Other Strategic Investors
NEW YORK, Dec. 16, 2021 /PRNewswire/ -- 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.
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.
"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.
About Lucy Labs
Lucy Labs is a multi-strategy cryptocurrency asset management firm focused on developing and applying quantitative and fundamental trading strategies in major spot, lending, and futures cryptocurrency markets. The firm 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. Founded in 2017 as proprietary trading firm, the firm has achieved significant trading profitability in each year of operation. For additional information, please see www.lucylabs.io.
About DeepWork Capital
DeepWork Capital invests professionally managed committed venture capital in growth-oriented, early-stage companies in the technology and life science sectors. We partner with visionary entrepreneurs building disruptive companies. DeepWork works closely with other investment groups and takes a hands-on approach with its portfolio companies. For additional information, please see www.deepworkcapital.com.
About Cogent Bancorp, Inc.
Cogent Bancorp, Inc. is a financial holding company that operates Cogent Bank which is a state-chartered bank that has operated as a full-service business and personal bank since 2001. With over $1 billion in total assets Cogent Bank offers multiple banking centers in North, Central and Southwest Florida. Cogent offers a broad range of lending, depository, treasury management and mobile banking services designed to meet the complex and diverse needs of its clients while staying focused on the local communities it serves. Cogent believes banking is personal and requires high-touch, innovative services designed to make managing financial transactions easier. Cogent pairs its financial expertise with a passion for learning more about its clients' goals and objectives. To learn more, visit www.cogentbank.com.
SOURCE Lucy Labs