● Heavily oversubscribed Series B round co-led by Dawn Capital and Target Global, bringing total funds raised to date to $60 million
● Copper’s infrastructure provides the underlying architecture for cryptocurrency trading
● Serving a global customer base of over 200 exchanges, trading firms and payment processors
● Proceeds will be used to expand global footprint, make key hires and enhance product base
London, 18.05.21: Copper, the London-based digital asset infrastructure provider, today announced the close of a $50 million Series B funding round.
The investment round was co-led by leading B2B software investor Dawn Capital and Target Global, who led Copper’s Series A round. Also participating in the round were enterprise fintech specialist VC firm Illuminate Financial Management, Copper’s existing investors LocalGlobe and MMC Ventures, and a number of industry-renowned fintech executives and entrepreneurs serving as strategic angels. The round follows Copper’s Series A funding in February 2020, bringing total capital raised to date to $60 million.
Copper will use the funds to broaden its international footprint, particularly across the US and Asia, with plans to open at least two new regional offices. Copper will also announce key high-profile hires across its strategy, operations, and business development departments, leading to a tripling of headcount by the end of 2021. And significant investment will be made to further develop Copper’s product suite.
Founded in 2018 by CEO Dmitry Tokarev, Copper provides a gateway into the cryptoasset space for institutional investors by offering custody, prime brokerage, and settlements. Its proprietary ClearLoop technology connects the universe of cryptocurrency exchanges in one secure trading loop — with instant, offline settlement across its integrated networks.
Institutional investment in digital assets is increasing at pace, with institutional ownership forecast to rise from 10% today to 30% by 2025. Assets under custody at Copper increased more than 40x since Q3 2020. Copper has also rapidly expanded its list of active institutional clients, currently serving more than 200 customers, which include traders, wealth companies, private banks, cryptocurrency funds and family offices.
In this rapidly evolving and expanding market, Copper is reducing the barriers to entry for institutional investors by providing the infrastructure to trade high volumes of cryptocurrency quickly and securely across multiple exchanges. To date, Copper has integrated more than 25 major exchanges into its ClearLoop and Walled Garden networks.
Dmitry Tokarev, founder and CEO of Copper, said: “Copper has achieved tremendous growth over the past 12 months. I am incredibly grateful to our talented and growing team whose hard work is reflected, in part, by this highly successful funding round. I would also like to express my thanks to our investors who continue to support Copper and our ambitious plans to expand across the globe, and cement ClearLoop as the go-to for the clearing and custody of digital assets. Their backing, and continued support from our strong client base, is a testament to the quality of the business we are building.
“It is no secret that interest in owning digital assets has grown exponentially, evident from the influx of institutional investors in Bitcoin, as well as other layer one protocols like Ethereum and Ripple. As Copper enters its next phase of growth, we will continue to react to the market and provide the services that investors need; to elevate the standards of digital asset security, trading and clearing across the board.”
Josh Bell, General Partner at Dawn Capital, said: “With the proliferation of institutional investment in digital assets over the last few years, we had been tracking Copper since its entry to the market just three years ago. It is rare to find a team that so expertly understands not only traditional asset management, but that of digital assets and how to marry the two worlds to provide institutional-grade infrastructure that truly meets investors’ requirements. So, we are delighted to be supporting Dmitry and the Copper team in their next phase of growth, and believe they are perfectly placed to deliver the new industry-standard in digital asset custody and clearing globally.”
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Founded in 2018 by Dmitry Tokarev, Copper provides a gateway into the cryptoasset space for institutional investors by offering custody, prime brokerage, and settlements across 150 digital assets and more than 25 exchanges. It is committed to providing flexible solutions for institutional investors that can adapt to the changing cryptoasset space, while enabling far greater transparency and control for asset managers.
Copper’s fully integrated products are unique in the cryptoasset space. Underpinned by multi-award-winning custody, Copper has built the comprehensive and secure suite of tools and services required to safely acquire, trade, and store cryptocurrencies, including access to margin lending trading facilities and the DeFi space.
At the core of Copper’s infrastructure is ClearLoop, a framework that connects the universe of exchanges in one secure trading loop — with real-time settlement across the Networks. Integrated with market leading spot and derivative crypto exchanges, ClearLoop has already transformed the way in which institutional investors can engage in the cryptoasset space since launching in May 2020. For more information, please visit: www.copper.co
Dawn is Europe’s leading specialist B2B software investor, with assets under management of $1.5bn. Dawn is an early-stage investor, backing companies at Series A and B, and continuing to fund the best-performing from growth rounds through to exit. The firm partners with innovative companies that, through exceptional teams, products, and business models can become category-defining, global titans. Its roster of investments includes Mimecast (now NASDAQ-listed with a $3.0bn market cap), iZettle (sold to PayPal for $2.2bn cash), Collibra, Showpad, Dataiku, Templafy, Soldo, Quantexa, and Tink, amongst others. Read more at dawncapital.com
Target Global is an international investment firm headquartered in Berlin, with more than €1.5bn in assets under management. With investing offices in London, Tel Aviv and Barcelona, we connect the key European startup ecosystems and leverage the unique DNA of each of our target geographies, across our global network. Building on our experienced team with substantial operational and investment experience, we help exceptional entrepreneurs to build market leaders. Target Global invests across multiple stages, investing in fast-growing tech companies, targeting trillion € markets. Our Partners have been investing for more than 15 years in the digital technology space, backing some of the key European success stories. The Target Global portfolio includes companies such as Auto1, Delivery Hero, Rapyd, TravelPerk, WeFox and Zego. More about Target Global: https://www.targetglobal.vc/
Our settlements and clearing service is backed by our award winning custody technology