Funding round
FTX Series B
FTX, which works in cryptocurrency trading and exchange services in New Providence, raised $900M in a Series B round announced on 20 Jul 2021, led by Paradigm, Ribbit and BTIG, at a $18.00B post-money valuation. 26 firms took part. It is FTX's first venture round on record.
$900M
Amount raised
$18.00B
Post-money valuation
$17.10B pre-money
26
Investors
3 leads
5.0%
Stake sold
new money over the post-money
Valuation
What this round says about the price
This round priced FTX at $18.00B after the new money. The $900M bought investors about 5.0% of the company. It is FTX's first venture round on record, 3 years after it was founded in 2018. It is 69% of the $1.30B FTX has raised in the venture rounds on record. FTX raised again 6 months later: a Series C round of $400M in Jan 2022, at $32.00B post-money.
FTX's funding rounds
FTX has 2 venture rounds on record and 1 other deal. This one is highlighted.
- Other not a venture round 6 Aug 2019, led by Proof Capital, Consensus Lab and FBG Capital $8.0M
- Series B this round 20 Jul 2021, led by Paradigm, Ribbit and BTIG $900M$18.00B post-money
- Series C 31 Jan 2022 $400M$32.00B post-money
Investors
Who put money in
Paradigm, Ribbit and BTIG led the round with 23 other firms.
Lead investors
Also in the round
- Sequoia Capital backs 589 venture-backed companies new investor
- backs 19 venture-backed companies new investor
- SoftBank new investor
- Insight Partners backs 548 venture-backed companies new investor
- backs 7 venture-backed companies new investor
- Lightspeed Venture Partners backs 454 venture-backed companies new investor
- Altimeter backs 67 venture-backed companies new investor
- BOND backs 91 venture-backed companies new investor
- New Enterprise Associates backs 286 venture-backed companies new investor
- Coinbase Ventures new investor
- Willoughby Capital new investor
- 40North new investor
- Senator Investment Group new investor
- Sino Global Capital new investor
- backs 65 venture-backed companies new investor
- Paul Tudor Jones family new investor
- backs 7 venture-backed companies new investor
- Alan Howard new investor
- backs 13 venture-backed companies new investor
- backs 18 venture-backed companies new investor
- backs 8 venture-backed companies new investor
- Tom Brady new investor
- Gisele Bundchen new investor
Use of proceeds
What the money is for
According to the announcement, the money goes to product development, geographic expansion, sales and marketing, scaling operations, acquisitions and working capital.
- Product development
- Geographic expansion
- Sales and marketing
- Scaling operations
- Acquisitions
- Working capital
Comparable rounds
How it compares
24 Series B rounds in Cryptocurrency within a year either side disclosed an amount; the median was $50M, and this round was 18 times the median. The closest in time, other companies' Series B rounds in Cryptocurrency:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Blockstream Cryptocurrency | 24 Aug 2021 | $210M | $3.20B | Baillie Gifford and iFinex |
| Cryptocurrency | 13 May 2021 | $53M | not disclosed | Cowen Inc. |
| Cryptocurrency | 18 May 2021 | $50M | not disclosed | Dawn Capital and Target Global |
| Cryptocurrency | 20 Sep 2021 | $50M | not disclosed | Digital Currency Group |
| Cryptocurrency | 22 Sep 2021 | $40M | not disclosed | DST Global and A&T Capital |
| Cryptocurrency | 6 Oct 2021 | $30M | not disclosed | Jump Capital and Wamda |
| Cryptocurrency | 22 Apr 2021 | $25M | $500M | Tiger Global |
| Cryptocurrency | 5 Oct 2021 | undisclosed | not disclosed | not named |
Sources
Where this comes from
Reported by 3 sources.
Questions
Frequently asked
How much did FTX raise in its Series B round?
FTX raised $900M in its Series B round, announced in Jul 2021.
Who led FTX's Series B round?
Paradigm, Ribbit and BTIG led it, with Sequoia Capital, Thoma Bravo, SoftBank, Insight Partners and Third Point and 18 more.
What was FTX's valuation at the Series B round?
$18.00B post-money ($17.10B pre-money).
How does it compare with other Series B rounds in Cryptocurrency?
24 Series B rounds in Cryptocurrency within a year either side disclosed an amount; the median was $50M, and this round was 18 times the median.
Did FTX raise again after this round?
Yes: a Series C round in Jan 2022 of $400M at $32.00B post-money.