Copper in Midst of $196M Funding Round

The crypto custody firm had originally sought a Series C raise at a $3 billion valuation before the market downturn, according to Bloomberg


Blockworks exclusive art by Axel Rangel


key takeaways

  • Copper closed a $50 million funding round co-led by Dawn Capital and Target Global in May 2021
  • The firm hired former Bank of America Merrill Lynch pros in April to build out its prime infrastructure offerings

Crypto custodian Copper has raised $196 million as part of an ongoing Series C venture round, the latest instance of dollars flowing to digital asset startups despite the bear market. 

The firm raised $181 million from new and existing shareholders as of June, as well as a convertible loan note of $15 million, Bloomberg reported Wednesday. A company spokesperson confirmed the fundraise to Blockworks. 

The Copper representative declined to comment on when and at what amount the company is targeting to end the round, as well as the ensuing valuation.

Founded in 2018, Copper provides custody, prime brokerage and settlement services to institutional investors. The fresh funding comes as the firm has hired a number of traditional finance veterans this year. 

The company brought aboard ex-Citi executive Sabrina Wilson as chief operating officer in March and hired five former Bank of America Merrill Lynch employees the following month to lead the expansion of its prime brokerage.

Copper more recently tapped Tim Neill, a former Mastercard executive, as chief risk officer. Having previously worked at Deutsche Bank, Standard Chartered Bank and the London Stock Exchange Group, Neill told Blockworks earlier this month that he planned to port his banking background to building out and refining DeFi-oriented products. 

Copper closed a $10 million Series A round in 2020, followed by a $50 million Series B in May of last year. The latter fundraise was co-led by Dawn Capital and Target Global.

Bloomberg reported last November that Copper was in talks with investors for a roughly $500 million funding round that would have valued the company at roughly $3 billion. Crypto markets have since sunk, with bitcoin and ether prices down more than 70% from their November all-time highs.

The European bank Barclays bought into Copper’s latest raise at a $2 billion valuation, Sky News reported in July.

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