FalconX raises $150M at an $8B valuation
FalconX, a crypto prime brokerage serving the institutional market, has raised $150 million in Series D funding and more than doubled its valuation from last August.
Why it matters: The pace of crypto dealmaking may have slowed, but there are still plenty of VC dollars ready to be deployed.
Details: The round values FalconX at $8 billion — compared to $3.75 billion in its $210 million Series C raise — and was co-led by Singaporean sovereign wealth group GIC and Swiss investment firm B Capital.
- Thoma Bravo, Wellington Management, Adams Street and Tiger Global Management also participated.
Context: Cryptocurrency prices are down, layoffs are underway across the industry, and a few bad bets have led some industry participants to liquidate their positions. That's led to an overall slowdown in dealmaking.
Yes, but: There is an extraordinary amount of dry powder yet to be deployed, as crypto firms have raised an unprecedented amount of funds in the past six months.
Quick take: In times of uncertainty, there's a flight to safety. So it's no surprise that a company like FalconX — which serves a more secure, institutional client base — is having investors double down while others are facing down rounds.