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Crypto wallet ZenGo is raising funds at a flat valuation of $100 million

Quick Take

  • ZenGo is raising $10 million in a Series A extension round via convertible notes, according to a pitch deck obtained by The Block.
  • The round is being raised at a valuation of $100 million, the same as ZenGo’s Series A round, according to a separate pitch message.

Cryptocurrency wallet provider ZenGo is raising funds in a Series A extension round.

The Israel-based startup hopes to raise $10 million via convertible notes before targeting a full Series B round later this year, according to a pitch deck obtained by The Block.

The Series A extension is pegged at the same $100 million post-money valuation as ZenGo's Series A round nearly two years ago, according to a separate pitch message seen by The Block. ZenGo bagged $20 million in Series A funding in April 2021 from investors including Insight Partners, Austin Rief Ventures and Samsung Next. It did not disclose a valuation at the time.

"We routinely talk to investors all the time that express interest in our company but cannot comment further on any rumored operation,” ZenGo co-founder and CEO Ouriel Ohayon said. 

Rising self-custodial wallets

The fundraising effort comes as non-custodial wallets have risen in popularity following last year's high-profile crypto collapses, including FTX, Celsius and BlockFi. ZenGo offers a software wallet that helps users self-custody their crypto holdings rather than trust centralized players. It saw record downloads following FTX's November bankruptcy, which froze billions in client funds.

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“ZenGo was built for a moment like this,” Ohayon said in a statement at the time. “For years we’ve focused on creating the most secure non-custodial crypto wallet with no private key vulnerability, powered by next-gen MPC cryptography."

MPC stands for multi-party computation; the technology is often used in self-custody tools where multiple devices can validate a transaction, removing the potential for a single point of failure.

ZenGo currently has over 800,000 registered users and targets 2 million users this year and $1 million to $2 million in annual revenue, according to the deck.

Several crypto wallets have announced fresh funding rounds in recent weeks. These include OneKey raising at an $85 million valuation, Blocto raising at an $80 million valuation and Exodus raising over $59 million in a share subscription.

Updates with the latest number of registered users.


© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

About Author

Yogita Khatri is a senior reporter at The Block, covering all things crypto. As one of the earliest team members, Yogita has played a pivotal role in breaking numerous stories, exclusives and scoops. With nearly 3,000 articles under her belt, Yogita holds the records as The Block's most-published and most-read author of all time. Prior to joining The Block, Yogita worked at crypto publication CoinDesk and The Economic Times, where she wrote on personal finance. To contact her, email: [email protected]. For her latest work, follow her on X @Yogita_Khatri5.

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