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The Backpack ecosystem of companies, creators of the Backpack wallet, the Mad Lads NFT collection, and Backpack Exchange, today announced the first joint closing of their $17 million strategic Series A round at a $120 million combined valuation. The round was led by Placeholder VC, with participation from a select group of other strategic investors including Hashed, Robot Ventures, Amber Group, Wintermute Ventures, Selini Capital, Delphi Digital, and founders of leading web3 ecosystems such as Solana, Tensor, Jito, Zeta, Marginfi, Drift, Monad, Galxe, and other influential supporters worldwide.