Funding round
Paxos Series D
Paxos, which works in blockchain infrastructure solutions in New York, raised $300M in a Series D round announced on 29 Apr 2021, led by Oak HC/FT, at a $2.40B post-money valuation. 7 firms took part. It is Paxos' third venture round on record; the one before was a Series C in Dec 2020.
$300M
Amount raised
$2.40B
Post-money valuation
7
Investors
1 lead
13%
Stake sold
new money over the post-money
Valuation
What this round says about the price
This round priced Paxos at $2.40B after the new money. The $300M bought investors about 13% of the company. It came 4 months after Paxos' Series C. It is 59% of the $507M Paxos has raised in the venture rounds on record. No later venture round is on record for Paxos.
Investors
Who put money in
Oak HC/FT led the round with 6 other firms.
Lead investor
- Oak HC/FT backs 106 venture-backed companies new investor
Also in the round
- backs 24 venture-backed companies new investor
- PayPal Ventures new investor
- backs 16 venture-backed companies new investor
- Senator Investment Group new investor
- Liberty City Ventures new investor
- WestCap backs 36 venture-backed companies 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
7 Series D rounds in Cryptocurrency within a year either side disclosed an amount; the median was $125M, and this round was 2.4 times the median. The closest in time, other companies' Series D rounds in Cryptocurrency:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Cryptocurrency | 21 Apr 2021 | $120M | not disclosed | not named |
| BlockFi Cryptocurrency | 11 Mar 2021 | $350M | $3.00B | Bain Capital Ventures and DST Global |
| Cryptocurrency | 17 Feb 2021 | $220M | $1.20B | not named |
| Cryptocurrency | 7 Jun 2021 | $61M | $500M | Richmond Global Ventures and Andreessen Horowitz |
| Coinmerce Cryptocurrency | 18 Jan 2021 | $125M | $1.70B | Index Ventures and Meritech Capital |
| 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 Paxos raise in its Series D round?
Paxos raised $300M in its Series D round, announced in Apr 2021.
Who led Paxos' Series D round?
Oak HC/FT led it, with Declaration Partners, PayPal Ventures, Mithril, Senator Investment Group and Liberty City Ventures and 1 more.
What was Paxos' valuation at the Series D round?
$2.40B 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 $125M, and this round was 2.4 times the median.