Tallinn-based 3Commas bags €37.9M to help users maximise profit in crypto trading

Tallinn-based 3Commas, an automated crypto trading bot platform, announced on Thursday that it has secured $37M (approximately €37.9M) in a Series B round of funding led by Target Global, Alameda Research, Jump Capital, and Dmitry Tokarev, founder and CEO of Copper.

The announcement comes a year after raising $3M (approximately €3M) in Seed round in November 2020. 

3Commas says it will use the funds to advance its machine learning and artificial intelligence trading bots, expand its trading ecosystem, and enhance developers’ access to Application Programming Interfaces (APIs) to create apps used by traders within the ecosystem.

The company says it will also deploy the funds to hire a robust research and development team to create DeCommas. This recently launched subsidiary allows users easier access to trade automation in decentralised finance (DeFi).

3Commas: What you need to know

Founded in 2017 by Yuriy Sorokin, Egor Razumovskii, and Mikhail Goryunov, 3Commas is a crypto investment ecosystem that offers both manual and automated trading strategies. 

The company’s mission is to make trading crypto more accessible for users seeking profitability and financial freedom. 

“We didn’t like trading crypto directly on exchanges because you had to constantly monitor your positions to make any profit. It inspired us to build a reliable platform that can help us stabilise our earnings in crypto while taking away some of the emotion that might result in losses,” says the founders. 

The platform offers novice and experienced traders a complete suite of manual or fully automated bots and trading strategies, and risk and portfolio management solutions underpinned by a vast, low-latency cloud infrastructure.

The Estonian company democratises trading for end-users and allows them to generate more revenue. The company claims that over 70 per cent of its users profit from closing deals through the platform each month.

“3Commas was created to help people achieve financial freedom by expanding access to complex, crypto trading strategies through powerful trading bots. Through this fundraising, our investors have shown overwhelming confidence that we are executing this vision,” says Yuriy Sorokin, CEO and founder of 3Commas. 

“We are excited to continue to build technology that democratises access to the transformational benefits of crypto by relentlessly advancing our technology and offering a suite of developer tools to make 3Commas the destination for investment app innovation,” he adds. 

Investors

Target Global is a pan-European technology investment firm with more than €3B in assets under management. It invests in companies across all stages of their lifecycle, from pre-seed to pre-IPO. 

To date, Target has backed 15 unicorns and had 21 exits and seven realised IPOs. Target has six worldwide offices with investing offices across Berlin, London, Tel Aviv, and Barcelona.

“The leadership and talent 3Commas has put in place has put them in a very strong position to be the dominant platform to onboard the next 100 million users to crypto through their automated trading and portfolio management capabilities,” said Mike Lobanov, Founder and Partner at Target Global. “By creating an ecosystem of tools that work both in CeFi and DeFi, 3Commas family of products provides unparalleled access to prosperity for the vast majority of crypto users.”