VCs in $170m round for trading platform Bitpanda

The new round sees the company valued at $1.2bn, according to TechCrunch.

DST Global is joining the round as a new investor. The firm is the investment vehicle of entrepreneur Yuri Milner and focuses on investments in internet-based businesses.

Valar registered its Valar Velocity 2 fund in March 2020. The fund has a target of $250m and intends to invest in early-stage financial technology companies, according to Unquote Data. Valar has made a number of investments in financial sector companies in Germany, including Nufin and N26, as well as Taxfix. The firm also invested in US-based trading platform Robinhood.

Austria-based Speedinvest was the first external VC investor in the company. The firm has not participated in this round, but remains invested in Bitpanda.

Bitpanda intends to use the fresh capital to expand the investment options that its platform offers. The company also plans to expand to new European markets.

According to Unquote Data, the funding round is the largest venture capital funding round ever to be recorded for an Austria-based company, surpassing the $120m round for antibiotics developer Nabriva Therapeutics raised in April 2015.

Previous funding
Speedinvest first invested in Bitpanda in April 2020.

Valar Ventures led a $52m round for Bitpanda in September 2020, joined by existing investor Speedinvest.

Company
Founded in 2014 and based in Vienna, Bitpanda is a platform for cryptocurrency and precious metals trading. The platform operates in Austria, Spain, Turkey, Italy and Poland. The company had 400 staff at the time of its last funding round in September 2020, compared with 180 employees in April that year.

People
Bitpanda – Eric Demuth, Paul Klanschek (co-CEOs); Christian Trummer (chief technology officer).
Valar Ventures – James Fitzgerald (founding partner).

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• Expansion
• DACH
• Technology
• Financials
• Venture
• Austria