Crypto Firm Copper Secures $50 Million in Series B Funding Round

Fazzaco learned that the London-based digital asset infrastructure provider Copper has announced the completion of a $50 million Series B funding round.

The funding was led by  leading B2B software investor Dawn Capital and Target Global, who led Copper’s Series A round. In addition, other participants include enterprise fintech specialist VC firm Illuminate Financial Management, Copper’s existing investors LocalGlobe and MMC Ventures, and a number of industry-renowned fintech executives and entrepreneurs serving as strategic angels.

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​The Series B funding round follows Copper’s Series A funding in February 2020, bringing total capital raised to date to $60 million.

Copper will leverage the funds to expand businesses, in particular across the US and Asia, planning to set up a minimum of two new regional offices. Copper will also announce key high-profile hires across its strategy, operations, and business development departments, leading to a tripling of headcount by the end of 2021. And significant investment will be made to further develop Copper’s product suite.

Commenting on the announcement, Dmitry Tokarev, founder and CEO of Copper, said: “Copper has achieved tremendous growth over the past 12 months. I am incredibly grateful to our talented and growing team whose hard work is reflected, in part, by this highly successful funding round. I would also like to express my thanks to our investors who continue to support Copper and our ambitious plans to expand across the globe, and cement ClearLoop as the go-to for the clearing and custody of digital assets. Their backing, and continued support from our strong client base, is a testament to the quality of the business we are building.”

“It is no secret that interest in owning digital assets has grown exponentially, evident from the influx of institutional investors in Bitcoin, as well as other layer one protocols like Ethereum and Ripple. As Copper enters its next phase of growth, we will continue to react to the market and provide the services that investors need; to elevate the standards of digital asset security, trading and clearing across the board”, he continued.