Bitpanda, a Vienna based digital assets platform that facilitates cryptocurrency transactions, announced that it has raised US $ 170 million in its Series B round. The round was led by Valar Ventures along with participation from DST Global.
Investors: Valar Ventures is a New York based venture capital firm that was founded in the year 2010 by Andrew McCormack, James Fitzgerald and Peter Thiel. It is an early to late-stage investor that, as it claims, invests in fast-growing technology companies that have high-margins and huge market opportunities. Its portfolio includes companies such as Transferwise, N26, STASH, BlockFi, Xero and more.
“Since we joined the board last September, we have continued to be impressed with the work that Eric, Paul and the team are doing. One of the positive changes caused by the pandemic was an increased interest in personal finance, and Bitpanda’s broad offer and commitment to demystifying investing for a new breed of retail investors means it is perfectly positioned to take advantage of the trend”—James Fitzgerald, founding partner at Valar Ventures.
Purpose of investments: The current round of investment brings the latest valuation of Bitpanda to around US $ 1.2 billion, making it Austria’s first unicorn startup. The funds will be utilised by Bitpanda to expand its market reach in Europe by introducing its platform to more countries.
Bitpanda was founded in October 2014 by Christian Trummer, Eric Demuth and Paul Klanschek. It was, as mentioned earlier, primarily established to facilitate buying and selling of cryptocurrencies. However, it also supports transactions in other digitised assets and blockchain technology.
Coming to numbers Bitpanda currently has more than 2 million users and 330+ team members who are of more than 44 different nationalities. Users can, using Bitpanda’s platform, currently trade-in Bitcoin, Ethereum, gold and 50 other digitised assets.
What the CEO has to say:
“ Becoming Austria’s first unicorn is a great achievement, and I’m incredibly proud of the team for everything we have accomplished over the past few years. It is yet another endorsement in our vision to give everyone more access and greater control over their financial future, on their terms, no matter their financial means.”— Eric Demuth, co-founder and CEO of Bitpanda.
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