Crypto Data Firm Kaiko Raises $53M Defying Bear Market
Crypto Firm Kaiko
Modified Date:- Published Date:-Categories: Cryptocurrency
Crypto Data Firm Kaico Raises $53M Defying Bear Market
Cryptocurrency market data provider Kaiko today announced a $53 million Series B funding round. The funding round was led by early Alibaba-backer Eight Roads, with participation from Revia, Elven, Point 9, Anthemis and Underscore. With this latest increase, the firm's valuation has more than tripled since its $23 million Series A increase in June 2021.
Kaiko CEO Ambre Sobiran described the past two months as a "marathon", explaining the difficulties of raising funds during crypto's ongoing bear market. "To be honest, what was challenging was the due diligence and closing process because we were really under scrutiny," Soubirn said in an interview with Bloomberg. "The hardest part was getting the whole thing across the finish line in the middle of a minus 80% recession."
Sobiran added that the recent crypto downturn has actually been beneficial as customers seek answers for the long rest. Over the past 12 months, Kaiko has been keen to expand its core offering with major acquisitions, including Cities, a tool to optimize risk hedging, and CoinShares' Napoleon Index. The acquisition of the Napoleon Index paved the way for the launch of the Caco Index.
The company has also invested in data security by achieving SOC-2 Type 1 accreditation in February 2022. The certification is an assessment of a company's security process developed by the American CPAs Institute. Kaiko's clients include diverse financial and crypto firms including Bloomberg, Deutsche Börse, ICE Global Network, CoinShares, Chainlink, Paxos and Messari.
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