Valar Ventures leads USD 263m round for Bitpanda

Existing investors Jump Capital and blockchain and digital assets investor LeadBlock Partners backed the round, as did Brevan Howard Asset Management founder Alan Howard. New investor Redo Ventures also participated.

The round values Bitpanda at USD 4.1bn, compared with a valuation of USD 1.2bn at the time of its USD 170m Series B in March 2021, the company said in a statement.

Bitpanda chief operating officer Lukas Enzersdorfer-Konrad told Unquote sister publication Mergermarket in June 2021 that the company intends to raise further funding rounds and could consider M&A in certain markets to continue its growth.

At the time of Bitpanda's Series B, the USD 170m round was the largest ever recorded for an Austria-headquartered company, according to Unquote Data. Bitpanda's latest round has surpassed this record and the announcement comes shortly after fellow Vienna-based Adverity raised a USD 120m round led by Softbank, as reported.

Large funding rounds seen in Austria in 2021 look set to propel the country to a record year for aggregate venture and growth deal value. According to Unquote Data, aggregate deal value stands at EUR 829m to date, compared with EUR 267m in 2020. The Bitpanda funding round will bring this total to more than EUR 1bn.

Although the 47 deals seen in the country in 2020 meant that last year previously held the record for annual deal volume in Austria, the 35 deals recorded to date in 2021 indicate that this year could well break this record.

The record venture and growth activity in Austria is in line with the overall trend seen in Europe in 2021. As reported by Unquote, venture and growth deals valued at more than EUR 200m are at record levels in 2021 to date, with investors seeing attractive growth possibilities and potential IPOs in the later-stage segment of the market.

Previous funding
Bitpanda received its first external VC funding in April 2020, when Speedinvest backed a round for the company.

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

In March 2021, Valar Ventures led a USD 170m Series B round for Bitpanda, joined by new investor DST Global.

Company
Founded in 2014 by Eric Demuth, Paul Klanschek and Christian Trummer, Bitpanda is a trading platform that allows retail investors to trade digital assets such as cryptocurrencies, as well as precious metals and stocks. The company is also developing its B2B offering for clients of banks and financial technology companies via its Bitpanda White Label division, which was launched in June 2021.

Bitpanda is headquartered in Vienna and has approximately 500 staff across its eight European offices, according to its website.

People
Valar Ventures – Andrew McCormack (founding partner).
Bitpanda – Eric Demuth (co-founder, CEO).
LeadBlock Ventures – David Chreng-Messembourg (general partner, co-founder).

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