Bitpanda triples valuation to $4.1bn in latest funding round
Austria’s first tech unicorn has more than tripled in value to $4.1bn in a matter of months.
Bitpanda, a crypto trading platform, raised $263m at a valuation of $4.1bn in a series C investment round led by Valar Ventures. British hedge fund manager Alan Howard, UK based Venture Capital firm LeadBlock Partners and Jump Capital also invested.
The news comes just five months after BitPanda reached a valuation of $1.2bn and seven years after the company’s launch in 2014.
The Bitpanda leadership team compared the company’s rapid period to “building a rocketship while simultaneously flying it” telling investors “no matter how ‘cool’ it looks from the outside, growing at such a pace is not an easy thing to do.”
With 3 million users, 1.2 million of whom were acquired in the first half of 2021, Bitpanda is one of the fastest growing fintechs in Europe. The company is forecasting a sevenfold increase in revenue in 2021 compared to 2020 and has plans to open new offices in several major cities, including London.
Andrew McCormack, Founding Partner of Valar Ventures, said he “believed in Bitpanda’s potential from the beginning” and was pleased with the “hypergrowth” that the company has acheived.
Following the funding round Eric Demuth, Co-Founder and CEO of BitPanda said the company is “grateful for the vote of confidence received from our investors.”
“We look forward to working together as we shape the future fo finance and grow Bitpanda into the #1 investment platform in Europe and beyond,” he added.
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