Ex-Optiver and IMC quants launch trading infrastructure backed by angels from Citadel, Jane Street, and JPMorgan.

April 24, 2025 – Theo, a novel network connecting onchain capital to global markets via institutional-grade trading infrastructure, today announced it has raised $20 million in funding. The round was jointly led by Hack VC and Anthos Capital, with participation from numerous other venture capital firms, including Manifold Trading, Mirana Ventures, Metalayer Ventures, SCB, MEXC, Amber Group, and Selini Capital, as well as angels from a range of leading TradFi trading firms including Citadel, Jane Street, HRT, Optiver, IMC, 5 Rings, and JPMorgan.

Theo founders Abhi Pingle, Arijit Pingle, and TK Kwon began their careers at elite trading firms Optiver and IMC Trading, where they developed a deep understanding of traditional financial market dynamics. Drawing from their experience, they recognized the exponential growth of onchain capital unable to tap into the wider set of institutional grade and traditional markets. This insight became the foundation for Theo.

“Today’s crypto markets are fragmented and inefficient, preventing institutions and everyday users alike from accessing the full promise of global, permissionless finance,” says Abhi Pingle, co-founder of Theo. “Theo solves this by delivering robust, scalable infrastructure that seamlessly connects large traditional players and retail participants onchain — unlocking new levels of capital efficiency.”

Theo offers trading infrastructure that seamlessly connects both crypto-native and traditional venues. Initially, this enables sophisticated trading firms to offer lucrative, multi-part trading strategies to end users.

When market conditions shift—such as when funding rates decline in one area—Theo's infrastructure allows strategies to adapt, maintaining consistent yields where single-strategy platforms would see returns diminish. Such infrastructure creates a level playing field for all market participants by offering global, decentralized access to powerful, secure strategies. Theo is part of core infrastructure that will bridge the gap between onchain and traditional financial systems in the coming years.

Theo’s successful funding round is a testament to the growing demand for scalable, efficient, and composable financial infrastructure. In addition to participating VC firms and exchanges, the round saw checks from angels from a range of leading TradFi trading firms, including Citadel, Jane Street, HRT, Optiver, IMC, 5 Rings, and JPMorgan.

About Theo
Theo is an institutional-grade trading infrastructure platform founded by former quant traders from IMC Trading and Optiver. For more information, follow @theo_network on X