Austrian crypto unicorn Bitpanda raises another $263 million

Quick Take

  • The investment platform has now closed three rounds of financing in the past 12 months.
  • British billionaire Alan Howard and REDO Ventures are the latest investors to back the business.

Vienna-based investment platform Bitpanda has closed a $263 million Series C round, giving the startup a valuation of $4.1 billion.

Peter Thiel’s venture capital firm Valar Ventures led the investment, with hedge fund heavyweight Alan Howard and REDO Ventures participating alongside existing backers LeadBlock Partners and Jump Capital.

The fundraise, announced this morning, comes just five months after Bitpanda’s $170 million Series B investment — a round enlarged by a fresh $12 million from Jump Capital and Wintermute Trading in May. Indeed, Bitpanda only closed its $52 million Series A as recently as September 2020.

Eric Demuth, co-founder and CEO of the Austrian business, has said previously that Bitpanda is profitable and doesn’t need external investment. The motive for fundraising, he said, is to drive the growth of the platform and to boost the brand — both in terms of its media appeal and for attracting top talent.

"We have always focused on sustainable growth and, as a result, we’ve been profitable for 5 years and don’t have a ‘burn rate’. But, sustainable doesn’t mean slow. Fundraising lets