Axios Pro Exclusive Content raises $110M, but at a lower valuation

Nov 15, 2023
Illustration of a sad face on a digital, pixelated coin

Illustration: Annelise Capossela/Axios

Crypto exchange has raised $110 million in new funding — but it reportedly did so at a fraction of its previous valuation.

Why it matters: Crypto funding has collapsed, and even companies that manage to raise are doing so at less favorable terms.

Details: The Series E round was led by insider Kingsway Capital and included participation from Baillie Gifford, Lakestar, LSVP, GV, Access Industries, Moore Capital, Prudence, Freeman Capital, Coinbase Ventures and Pledge Ventures.

  • Along with the funding, the company is adding Kingsway founder Manny Stotz and Lakestar partner Nicolas Brand to its board.

Yes, but: According to Bloomberg, the round values at less than half the $14 billion valuation it commanded in March 2022.

  • At that time, it was considered the second-most-valuable crypto company behind FTX.

State of play: A lot has changed since then, as the collapse of Three Arrows Capital (3AC) kicked off a series of bankruptcies among crypto exchanges and lenders in the space.

  •, which had $270 million worth of exposure to the defunct hedge fund, cut 25% of its workforce last year.

Zoom out: There are some signs crypto fundraising might start to pick up again, as crypto investors Blockchain Capital, Electric Capital and Polychain Capital have all raised new funds in the last six months.

  • But most of those firms are focused on the earlier stage, so we're unlikely to see a ton of splashy, big-money funding announcements anytime soon.
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