Funding round
FTX Series C
FTX, which works in cryptocurrency trading and exchange services in New Providence, raised $400M in a Series C round announced on 31 Jan 2022, at a $32.00B post-money valuation. 10 firms took part. It is FTX's second venture round on record; the one before was a Series B in Jul 2021.
$400M
Amount raised
$32.00B
Post-money valuation
10
Investors
no lead named
1.8x
Step-up from the Series B
$18.00B in Jul 2021
1.3%
Stake sold
new money over the post-money
Valuation
What this round says about the price
This round priced FTX at $32.00B after the new money, 1.8 times the $18.00B of its Series B (Jul 2021). The $400M bought investors about 1.3% of the company. It came 6 months after FTX's Series B. It is 31% of the $1.30B FTX has raised in the venture rounds on record. No later venture round is on record for FTX.
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 20 Jul 2021, led by Paradigm, Ribbit and BTIG $900M$18.00B post-money
- Series C this round 31 Jan 2022 $400M$32.00B post-money
Investors
Who put money in
10 firms took part; no lead investor was named.
Investors
- Temasek backs 195 venture-backed companies new investor
- Paradigm backs 82 venture-backed companies new investor
- Ontario Teachers’ Pension Plan backs 35 venture-backed companies new investor
- New Enterprise Associates backs 286 venture-backed companies new investor
- Institutional Venture Partners backs 109 venture-backed companies new investor
- SoftBank Vision Fund backs 234 venture-backed companies new investor
- Lightspeed Venture Partners backs 454 venture-backed companies new investor
- backs 29 venture-backed companies new investor
- Tiger Global new investor
- Insight Partners backs 548 venture-backed companies new investor
Use of proceeds
What the money is for
According to the announcement, the money goes to geographic expansion.
- Geographic expansion
Comparable rounds
How it compares
10 Series C rounds in Cryptocurrency within a year either side disclosed an amount; the median was $73M, and this round was 5.5 times the median. The closest in time, other companies' Series C rounds in Cryptocurrency:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Cryptocurrency | 6 Oct 2021 | $260M | $1.90B | Andreessen Horowitz and Coinbase Ventures |
| Cryptocurrency | 6 Apr 2022 | $35M | not disclosed | Acrew Capital and BNY Mellon |
| Cryptocurrency | 30 Sep 2021 | $35M | not disclosed | Point72 Ventures |
| Cryptocurrency | 19 May 2022 | $30M | not disclosed | Ribbit |
| Cryptocurrency | 28 Jun 2022 | $53M | not disclosed | not named |
| Cryptocurrency | 15 Jun 2021 | $65M | not disclosed | Paradigm |
| Cryptocurrency | 5 May 2021 | $250M | $2.20B | Tiger Global and Coatue |
| Cryptocurrency | 12 Oct 2022 | $181M | not disclosed | not named |
Sources
Where this comes from
Reported by 6 sources.
Questions
Frequently asked
How much did FTX raise in its Series C round?
FTX raised $400M in its Series C round, announced in Jan 2022.
Which investors took part in FTX's Series C round?
Temasek, Paradigm, Ontario Teachers’ Pension Plan, New Enterprise Associates, Institutional Venture Partners and SoftBank Vision Fund and 4 more.
What was FTX's valuation at the Series C round?
$32.00B post-money.
How does it compare with other Series C rounds in Cryptocurrency?
10 Series C rounds in Cryptocurrency within a year either side disclosed an amount; the median was $73M, and this round was 5.5 times the median.