Funding round
Paxos Series C
Paxos, which works in blockchain infrastructure solutions in New York, raised $142M in a Series C round announced on 17 Dec 2020, led by Declaration Partners. 9 firms took part. It is Paxos' second venture round on record; the one before was a Series B in May 2018.
$142M
Amount raised
Not disclosed
Post-money valuation
9
Investors
1 lead
Valuation
What this round says about the price
Paxos did not disclose a valuation in this round. It came 31 months after Paxos' Series B. It is 28% of the $507M Paxos has raised in the venture rounds on record. Paxos raised again 4 months later: a Series D round of $300M in Apr 2021, at $2.40B post-money.
Investors
Who put money in
Declaration Partners led the round with 8 other firms.
Lead investor
- backs 24 venture-backed companies new investor
Also in the round
- backs 16 venture-backed companies new investor
- PayPal Ventures new investor
- backs 6 venture-backed companies new investor
- backs 3 venture-backed companies new investor
- backs 2 venture-backed companies new investor
- Senator Investment Group new investor
- RRE Ventures new investor
- Liberty City Ventures new investor
Use of proceeds
What the money is for
According to the announcement, the money goes to hiring, product development, scaling operations and working capital.
- Hiring
- Product development
- Scaling operations
- Working capital
Comparable rounds
How it compares
11 Series C rounds in Cryptocurrency within a year either side disclosed an amount; the median was $75M, and this round was 1.9 times the median. The closest in time, other companies' Series C rounds in Cryptocurrency:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Cryptocurrency | 15 Dec 2020 | $65M | not disclosed | Accel |
| Anchorage Digital Cryptocurrency | 25 Feb 2021 | $80M | not disclosed | GIC |
| Blockchain.com Cryptocurrency | 24 Mar 2021 | $311M | $5.20B | DST Global and Lightspeed Venture Partners |
| BlockFi Cryptocurrency | 21 Aug 2020 | $50M | not disclosed | Morgan Creek Digital |
| Cryptocurrency | 11 Aug 2020 | $8.0M | $101M | not named |
| Cryptocurrency | 5 May 2021 | $250M | $2.20B | Tiger Global and Coatue |
| Cryptocurrency | 15 Jun 2021 | $65M | not disclosed | Paradigm |
| Cryptocurrency | 30 Sep 2021 | $35M | not disclosed | Point72 Ventures |
Sources
Where this comes from
Reported by 5 sources.
Questions
Frequently asked
How much did Paxos raise in its Series C round?
Paxos raised $142M in its Series C round, announced in Dec 2020.
Who led Paxos' Series C round?
Declaration Partners led it, with Mithril, PayPal Ventures, RIT Capital, Moelis & Company and Alua Capital Management and 3 more.
What was Paxos' valuation at the Series C round?
It was not disclosed.
How does it compare with other Series C rounds in Cryptocurrency?
11 Series C rounds in Cryptocurrency within a year either side disclosed an amount; the median was $75M, and this round was 1.9 times the median.
Did Paxos raise again after this round?
Yes: a Series D round in Apr 2021 of $300M at $2.40B post-money.