Bitpanda raises $263 million from Peter Thiel-backed VC

2 months ago 22
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The online broker was the archetypal Austrian institution to scope unicorn status

Bitpanda, an Austria-based broker platform, has announced it raised $263 cardinal successful a caller backing round.

Billionaire Peter Thiel's task superior steadfast Valar Ventures led the caller round, which saw Bitpanda's marketplace valuation emergence to $4.1 billion. Before the latest funding, the broker's valuation stood astatine $1.2 billion, which followed the Series B circular successful March that raised $170 million.

"It took america 7 years to spell from 0 to … $4.1B. Yes, you work that right! I americium thrilled to denote contiguous that we're present valued astatine $4.1B, pursuing a $263M Series C concern round," Eric Demuth, the co-founder and CEO of Bitpanda, wrote successful a institution blog.

Other participants were British billionaire and hedge money manager Alan Howard, early-stage task superior REDO Ventures, blockchain-focused VC LeadBlock Partners and Chicago-based concern steadfast Jump Capital.

Bitpanda, which lone focuses connected the European market, plans to usage the currency to grow crossed the continent. Currently, the online broker has carnal offices and operations successful 8 large locations — Vienna, London, Berlin, Barcelona, Paris, Milan and Krakow.

Demuth besides noted that the institution volition usage immoderate of the wealth to enlistee caller squad members to adhd to its existent 500-strong team.

The platform's idiosyncratic basal has grown implicit the years and it presently serves implicit 3 cardinal investors. Its superior absorption connected the European marketplace means its lawsuit basal is somewhat smaller than competitors similar eToro, which is disposable crossed the globe.

But Bitpanda, which started arsenic a crypto trading platform, has attracted a unsocial conception of the marketplace keen connected investing successful stocks and commodities. Investors tin instrumentality trading positions successful immoderate of these products, including cryptocurrencies, astatine a minimum outlay of €1.

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