BitPanda Crypto Exchange Valued at Over $4B After Series C Round
BitPanda, a European crypto exchange, is now valued at $4.1 billion after raising $263 million during its Series C funding.
BitPanda only achieved its unicorn status of a $1.2 billion valuation during its $170 million Series B within the past six months.
The company will use the Series C funding for international expansion and growth, in addition to increasing headcount and further scaling the business.
BitPanda achieved its unicorn status with a $1.2 billion valuation during its $170 million Series B within the past six months. This was followed by another €10 million Series B extension in May. This latest round, more than tripling that earlier valuation, was led by Peter Thiel’s Valar Ventures. Other investors included Alan Howard and REDO Ventures, along with LeadBlock Partners and Jump Capital also joining the Series C.
The company will use the Series C funding for international expansion and growth. It will also increase headcount and further scale the business. A spokeswoman for BitPanda expressed that international expansion and growth are “key priorities.”She also emphasized, “strengthening Bitpanda’s position in existing markets, such as in the DACH region, Spain, France, Italy, and Poland, and also entering new markets, such as the UK or the markets in Central and Eastern Europe.”
Founding partner of Valar Ventures Andrew McCormack also highlighted BitPanda’s growth in his projection for the company’s potential. In particular, McCormack singled out, “more than 1.2 million users acquired in the first half of 2021, impressive net revenue growth and world-class executive hires.”
BitPanda makes its mark in Europe
Despite competing on a global level with other cryptocurrency exchanges, BitPanda achieved this growth by taking a more discriminating approach. Bitpanda has made its mark by being Europe-focused, with offices and physical tech hubs sprawled across eight European cities. These locations include Barcelona, Berlin, Krakow, London, Madrid, Milan, and Paris, in addition to its headquarters in Vienna.
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