Copper targets global growth after $8 million funding round

Copper.co, a London-based custodian for digital assets, has raised a USD $8 million Series A to grow globally by expanding its commercial team and launching new products.

This fundraise follows a previous seed round that saw Copper raise $1.3 million in 2018 to build its custody and prime brokerage solutions and onboard institutional and HNW clients. The firm has seen over £500 million in transactions each month.

Copper will use the funds to develop regional client facing operations in key geographies around the world such as North America and Asia. It will also accelerate the launch of new products that give institutional clients a wider range of investment options.

Institutional investors in this round include leading international investment firm Target Global, which backed Auto1, Delivery Hero, wefox and Rapyd; LocalGlobe, which is known for successful investments in the likes of Zoopla, Transferwise and Citymapper; and MMC Ventures, which backed Gousto, Interactive Investor and NewVoiceMedia among many others.

This fundraise follows Copper’s announcement that it will provide prime brokerage services for Europe’s leading UK-regulated institutional manager of digital assets, Nickel Digital Asset Management, on its second fund Digital Gold Institutional. Fidelity Digital Assets was selected as prime custodian for the fund.

Dmitry Tokarev, Founder and CEO of Copper, said: “Copper was always designed to be a global offering. This venture funding round is a real vote of confidence from investors. Their support will allow us to accelerate our scale up, hiring teams in key regions and introducing new products and services to better meet their needs.”

Oliver Richards, Partner, MMC Ventures, said: “We are incredibly excited to back Dmitry and the Copper team as our first investment in this space. This team has achieved impressive progress to date, driven by their deep understanding of the finance industry and their technology expertise. Institutional interest in digital assets is growing and we believe Copper offers a compelling and unique solution to firms looking to invest.”

Remus Brett, Local Globe, added: “Whilst crypto is still far from a mainstream asset class, growth in global institutional demand is only going to increase. Copper’s founders’ deep understanding of its clients’ challenges, needs and existing references provides a great platform for market leadership.”