UK crypto firm Copper set to raise up to $500 million

Quick Take

  • Copper, the crypto custodian, is working on an investment round that will raise its valuation to more than $1 billion.
  • The fintech firm recently hired former chancellor Philip Hammond as a senior advisor.

British crypto startup Copper is working on a fundraise of up to $500 million, according to three people familiar with the matter.

The investment will value Copper at more than $1 billion, vaulting it to unicorn status — a term reserved for privately-held tech startups with valuations upwards of a billion dollars. It is not yet clear exactly what the valuation will be. 

The company is expected to announce the fundraise before the end of the year, but the round has not yet closed, nor has a lead investor been earmarked, according to sources.

Copper declined to comment.

Copper has already raised $75 million through an extended Series B round earlier this year. The first $50 million tranche of that transaction came in May and was led by Dawn Capital and Target Global, with participation from Illuminate Financial Management. British billionaire and former Brevan Howard CEO Alan Howard then invested another $25 million in the business in June.

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Aside from fundraising, Copper recently announced