Series B Raises USD 90m, Accelerating Expansion of Web 3.0 Offerings & Into New Global Markets
- Fundraising News , Banking
- 10.01.2022 12:10 pm
Sygnum’s Series B is led by Sun Hung Kai & Co. Limited (SEHK: 86), a leading Hong Kong listed alternative investment financial services institution
Other significant co-investors in the round include Canadian investment firm Meta Investments, prominent blockchain, non-fungible token (NFT) and metaverse gaming companies including Animoca Brands and Wemade, founders of leading decentralized finance (DeFi) protocols and existing strategic investors including SBI Holdings and Siam Commercial Bank’s digital investment arm, SCB 10X
The round gives Sygnum a post-money valuation of USD ~800 million, underpinned by a tenfold increase in consolidated gross revenues in 2021, an institutional client base now nearing 1,000 and assets under administration growing to over USD 2 billion
Proceeds will accelerate the development of new institutional-grade Web 3.0 offerings, expansion into new global markets and the co-creation and international distribution of products with new strategic investors
Sygnum, a digital asset technology group with a Swiss banking license and a Singapore asset management licence, has raised USD 90 million in an oversubscribed Series B funding round led by Sun Hung Kai & Co. Limited. They are joined by a raft of new and existing strategic investors, with the round valuing Sygnum at USD ~800 million on a post-money basis.
As with all prior fundraising rounds, the Series B also saw the participation of a large group of employees as personal investors. These team members have now joined the co-founders, board members and management team as shareholders of the firm, and this group continues to hold majority ownership of the company.
Fuelled by continued strong demand for its integrated portfolio of regulated digital asset products and services, in 2021 Sygnum delivered a tenfold year-on-year increase in consolidated gross revenues. In the same period, its client base neared 1,000 financial institutions, banks, corporates and private investors, and its assets under administration grew to well over USD 2 billion. Proceeds will accelerate Sygnum’s development of new institutional-grade Web 3.0 offerings, including:
Additional yield-generating products, including white-listed DeFi pools and expanded staking services
Asset management solutions providing trusted access to new, high-growth DeFi innovations
New commercial partnerships with leading blockchain ecosystems like the Dfinity Foundation
The USD 90m raised will also propel Sygnum’s market-tested offerings into new global markets, expand its Singapore hub’s operations and provide opportunities to co-create and distribute innovative products internationally with its strategic investors.
“The digital asset economy is rapidly crossing the chasm to mainstream adoption, where investors will demand fully-regulated solutions as they accelerate their exposure. This financing round is a key milestone in our global expansion and in our mission to empower everyone everywhere to own digital assets with complete trust”, says Mathias Imbach, Sygnum Co-Founder and Group CEO.
Lee Seng Huang, Group Executive Chairman of Sun Hung Kai & Co. Ltd, says: “We have a strategic vision to expand our fund management offerings into digital assets. Amidst growing institutional demand and regulatory oversight of this sector, Sygnum, with its track record as a fully-regulated digital asset bank and asset manager, is the ideal partner for us to co-develop digital asset focused products together and to cater to the strong demand for digital asset solutions and services in Asia, Europe and beyond.” “Savvy digital asset investors are increasingly looking for novel opportunities in the frontiers of Web 3.0, including DeFi, NFTs, play-to-earn gaming and the metaverse”, says Gerald Goh, Sygnum Co-Founder and CEO Singapore. “We look forward to partnering with our strong global network of strategic investors to expand our suite of fully-regulated digital asset offerings and solutions into these emerging verticals.”