Crypto custodial firm Copper raises $196 million in Series C round

Quick Take

  • London-based crypto custody firm Copper reported $196 million in new investment funding from a continuing Series C funding round and convertible note loan.

  • The company also reported a loss of £14.4 million ($15.95 million) over the course of 2021.

London-based crypto custody provider Copper has raised $196 million during an ongoing Series C funding round.

The funds included a convertible $15 million loan note, as well as $181 million in fresh capital. Bloomberg first reported the news. 

Copper earlier sought to raise as much as $500 million to put its valuation over $1 billion, having previously courted investors such as Barclays, and billionaire fund manager Alan Howard

The company took a 2021 loss of £14.4 million ($15.95 million), according to filed documents. 

Copper had sought anti-money laundering (AML) approvals to operate as a crypto service provider in the UK, going so far as to obtain an extension for a UK Financial Conduct Authority (FCA) deadline. The drawn FCA out process ultimately saw Copper seek out AML approvals from Swiss regulators, granted in May this year.

Copper did not immediately respond to The Block’s request for comment.

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