Funding round
Coinmerce Series D
Coinmerce, which works in financial services in Haarlemmermeer, raised $125M in a Series D round announced on 18 Jan 2021, led by Index Ventures and Meritech Capital, at a $1.70B post-money valuation. 7 firms took part, 6 of them already investors. It is Coinmerce's fifth venture round on record; the one before was a Series C in Jan 2020.
$125M
Amount raised
$1.70B
Post-money valuation
7
Investors
2 leads
3.4x
Step-up from the Series C
$500M in Jan 2020
7.4%
Stake sold
new money over the post-money
Valuation
What this round says about the price
This round priced Coinmerce at $1.70B after the new money, 3.4 times the $500M of its Series C (Jan 2020). The $125M bought investors about 7.4% of the company. It came 12 months after Coinmerce's Series C. It is 24% of the $524M Coinmerce has raised in the venture rounds on record. Coinmerce raised again 9 months later: a Series E round of $270M in Oct 2021, at $6.30B post-money.
Coinmerce's funding rounds
Coinmerce has 6 venture rounds on record. This one is highlighted.
- Seed 12 Jul 2016 $2.3M
- Series A 3 Aug 2017, led by Northzone $12M
- Series B 16 Jan 2019, led by Index Ventures $40M
- Series C 20 Jan 2020, led by Accel $75M$500M post-money
- Series D this round 18 Jan 2021, led by Index Ventures and Meritech Capital $125M$1.70B post-money
- Series E 12 Oct 2021, led by Greenoaks $270M$6.30B post-money
Investors
Who put money in
Index Ventures and Meritech Capital led the round with 5 other firms. Index Ventures, Accel, Lightspeed Venture Partners and Northzone and 2 more had backed Coinmerce before.
Lead investors
- Index Ventures backs 353 venture-backed companies existing investor
- Meritech Capital backs 84 venture-backed companies new investor
Also in the round
- Accel backs 581 venture-backed companies existing investor
- Lightspeed Venture Partners backs 454 venture-backed companies existing investor
- backs 104 venture-backed companies existing investor
- backs 295 venture-backed companies existing investor
- backs 108 venture-backed companies existing investor
Joined the board: Martin Mignot (Index Ventures) and Alex Clayton (Meritech Capital Partners).
Use of proceeds
What the money is for
According to the announcement, the money goes to hiring, product development, geographic expansion, sales and marketing, scaling operations and working capital.
- Hiring
- Product development
- Geographic expansion
- Sales and marketing
- Scaling operations
- Working capital
Comparable rounds
How it compares
7 Series D rounds in Cryptocurrency within a year either side disclosed an amount; the median was $220M, and this round was 57% of the median. The closest in time, other companies' Series D rounds in Cryptocurrency:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Cryptocurrency | 17 Feb 2021 | $220M | $1.20B | not named |
| BlockFi Cryptocurrency | 11 Mar 2021 | $350M | $3.00B | Bain Capital Ventures and DST Global |
| Paxos Cryptocurrency | 29 Apr 2021 | $300M | $2.40B | Oak HC/FT |
| Cryptocurrency | 21 Apr 2021 | $120M | not disclosed | not named |
| Cryptocurrency | 7 Jun 2021 | $61M | $500M | Richmond Global Ventures and Andreessen Horowitz |
| Anchorage Digital Cryptocurrency | 15 Dec 2021 | $350M | $3.00B | KKR |
| Cryptocurrency | 12 Jan 2022 | $105M | not disclosed | Bain Capital Ventures |
Sources
Where this comes from
Reported by 7 sources.
Questions
Frequently asked
How much did Coinmerce raise in its Series D round?
Coinmerce raised $125M in its Series D round, announced in Jan 2021.
Who led Coinmerce's Series D round?
Index Ventures and Meritech Capital led it, with Accel, Lightspeed Venture Partners, Northzone, Global Founders Capital and Picus Capital.
What was Coinmerce's valuation at the Series D round?
$1.70B post-money.
How does it compare with other Series D rounds in Cryptocurrency?
7 Series D rounds in Cryptocurrency within a year either side disclosed an amount; the median was $220M, and this round was 57% of the median.
Did Coinmerce raise again after this round?
Yes: a Series E round in Oct 2021 of $270M at $6.30B post-money.