Digital Identity Company Spruce Closed $34 Million Series A Funding Round Led by a16z

Spruce, a digital identity company, has closed a $34 million Series A round led by a16z with participation from Ethereal Ventures, Electric Capital, Y Combinator and others. The funds raised will be used to double the current team of 15 employees and continue development of sign-in with Ethereum and Kepler, two key products. Previously, Spruce closed a $7.5 million round in November 2021, led by Ethereal Ventures and Electric Capital, with participation from Coinbase Ventures, Alameda Research and others.