London-based crypto scaleup Copper raises €41M to underpin the next phase of growth

Based out of London, Copper provides a gateway into the crypto asset space for institutional investors. Recently, the UK company secured $50M (approx €41M) funding in the Series B round. 

Who backed Copper?

The round was co-led by Dawn Capital and Target Global, who also led Copper’s Series A round. 

Other investors including Illuminate Financial Management, LocalGlobe, MMC Ventures, and several strategic angels, also participated. To date, the company has raised $60M (approx €49M) in funding. 

Dawn Capital is an early-stage investor, backing companies at Series A and B and continuing to fund the best-performing from growth rounds through to exit. It has assets under management of $1.5B (approx €1.2B).

On the other hand, Berlin-based Target Global invests across multiple stages, investing in fast-growing tech companies, targeting trillion Euro markets. The VC has more than €1.5B in assets under management.

The funding will be used to accelerate its global footprint, make key hires and enhance its product suite. 

Institutional gateway

Founded in 2018 by Dmitry Tokarev, Copper offers institutional investors custody, prime brokerage, and settlements across 150 digital assets and more than 25 exchanges.

The company’s core infrastructure ClearLoop connects the universe of exchanges in one secure trading loop — with real-time settlement across the Networks. As per the company claims, assets under custody at Copper increased more than 40x since Q3 2020.

Currently, the company serves more than 200 active institutional clients, including traders, wealth companies, private banks, cryptocurrency funds, and family offices. Notably, To date, Copper has integrated more than 25 major exchanges into its ClearLoop and Walled Garden networks.

Dmitry Tokarev, founder and CEO of Copper, says: “Copper has achieved tremendous growth over the past 12 months. I am incredibly grateful to our talented and growing team, whose hard work is reflected, in part, by this highly successful funding round. I would also like to express my thanks to our investors who continue to support Copper and our ambitious plans to expand across the globe and cement ClearLoop as the go-to for the clearing and custody of digital assets. Their backing, and continued support from our strong client base, is a testament to the quality of the business we are building.”

He adds, “It is no secret that interest in owning digital assets has grown exponentially, evident from the influx of institutional investors in Bitcoin, as well as other layers one protocol like Ethereum and Ripple. As Copper enters its next phase of growth, we will continue to react to the market and provide the services that investors need; to elevate the standards of digital asset security, trading, and clearing across the board.”