- Amber Group extended its Series B financing as a special effort to bring Temasek closer to investors
- Funds raised will support global expansion and grow its OpenVerse and WhaleFin products.
According to a Press release Shared on Monday, leading digital asset platform Amber Group confirmed that it had completed a $200 million Series B+ funding round led by Singapore-based investment firm Temasek Holdings. The raise also saw the participation of other investors, including Tiger Global Management, Sequoia China, Coinbase Ventures, and Pantera Capital.
Completing the round at a $3 billion valuation represents three times the valuation that reached the company in June 2021, the last time capital was raised. It also brings the sum raised by the Amber Group since its inception to $328 million.
While some of the participating investors are already shareholders in the company, Amber Group CEO Michael Wu explained that the company decided to extend the Series B financing to boost Temasek.
“They’re very strategic, so we made this special effort to bring themWu explained in an interview.
The global goal remains
The initial Series B round that saw Amber Group reach $1bn in capitalization in June last year gave a predictive valuation ten times higher than the $28m Series A round that was completed in 2019.
At the time, Amber Group said that it intended to drive global expansion to meet market demands and create solutions for the largest crypto investors. The group still retains similar goals according to the recent press release.
Wu explained that the capital raised should finance expansion (hiring) in the European and US markets. These efforts represent the firm’s attempt to satisfy the institutional demand derived from traditional financial organizations and family offices.
Finance will also help fuel the position of creator-focused acolyte: OpenVerse.
Additionally, the company has scheduled plans to grow its WhaleFin consumer app that launched late last year. The app epitomizes a gateway to the new arrangement of finance. All in all, the digital asset company will continue to focus on its sustainability initiatives through partnerships with animal conservation bodies.
“We will look beyond business expansion and strategic acquisitions as part of our commitment to building a sustainable future for all. We will continue to expand our support for sustainability initiatives, with our recent partnership with Whale and Dolphin Conservation (WDC) being just the beginning of this journey.” Wu said.