Zurich-based 21.co, a company that provides access to crypto through simple and “easy-to-use” products, announced on Wednesday that it has raised $25M (approximately €25M) in a fresh round of funding.
Sitting on a valuation of $2B (approximately €2B), 21.co has now entered the “unicorn” club. The company also claims that it is now the largest crypto unicorn in Switzerland.
21.co says it will use the proceeds to drive rapid, targeted growth through first-of-their-kind products, key market expansions, and strategic talent acquisitions.
Besides the funding, 21.co also revealed that it is the new parent company of 21Shares & Amun. 21Shares is the world’s largest issuer of cryptocurrency exchange-traded products (ETPs) and is powered by Onyx, a proprietary technology platform used to issue and operate cryptocurrency ETPs for 21Shares and third parties. Amun is a token provider focused on making the DeFi world more accessible.
This round was the company’s first in over two years. To prove investor demand, the company ended 2021 on a nine-figure revenue run rate and has seen sustained inflows, even during down markets.
Between September 2021 and September 2022, 21.co recorded more than $650M in net new assets, reaching its peak AUM of $3B in November of 2021. During this time, the company increased its headcount by 75 per cent to support its commercial expansion.
Investors in this round
London-based investment firm Marshall Wace led the round. Founded in 1997, Marshall Wace is a hedge fund manager that specialises in global long/short equity with over $22B in assets under management. The firm has investment management offices in London, New York, and Hong Kong.
Amit Rajpal, Partner and CEO Asia at Marshall Wace, says, “At Marshall Wace, our culture is built around innovation – and we saw an immediate alignment of values when meeting with the team at 21.co. 21.co is a first-mover in the crypto industry: the company is focused on growth and committed to bringing new and innovative products to investors across markets – in a secure, accessible way.”
Other investors in this round include Collab+Currency, Quiet Ventures, ETFS Capital and Valor Equity Partners.
Providing access to crypto through simple products
Ophelia Snyder and Hany Rashwan launched 21.co in 2018 with the goal of bridging the crypto world. Since then, the company says it has offered investors the “most inventive” cryptocurrency exchange-traded products (ETPs), the most comprehensive token solutions, a decentralised software platform to design, market, and administer ETPs internationally, as well as other “cutting-edge” solutions.
21.co’s raise comes after a year of rapid expansion and product innovation. In particular, 21Shares:
- Launched innovative products, like the world’s first USD Yield ETP and the world’s first Bitcoin and Gold ETP on SIX Swiss Exchange
- Released the first crypto ETFs in Australia
- Published the sixth issue of its State of Crypto Report, which explores current trends in the crypto industry and what investors are doing to optimise their crypto portfolios
- Launched its Crypto Winter Suite, which offers products like the world’s cheapest Bitcoin ETP, 21Shares’ Bitcoin Core ETP, and the S&P Risk Controlled Bitcoin and Ethereum Index ETPs