Digital investment platform Bitpanda has just closed a Series B funding round for $170 million. This means that the company’s valuation is now worth $1.2 billion.
The announcement came today, and the Vienna-based company has mentioned that this Series B funding round represents one of the largest-ever capital raises recorded in Europe at the Series B stage. It is also important because it makes Bitpanda the first “unicorn” of Austria – a unicorn in the world of crypto is a company that is worth more than $1 billion.
The round was led by Valar Ventures, a VC fund that was created by Andrew McCormack, James Fitzgerald, and Peter Thiel. It also recorded participation from partners of DST Global.
The raise was finished a week ago, and it is now being processed by the Austrian Financial Market Authority so that it may receive official approval.
“Retail investors will soon be able to access an even larger range of digital assets, and we already have plans in place to bring our offer to several new markets,” commented Bitpanda CEO Eric Demuth.
In September 2020, Bitpanda closed its $52 million Series A, which was also led by Valar.
The company released a Visa debit card in January of this year, which will permit customers to switch between various assets, such as crypto, fiat currencies, and even precious metals, in order to fund payments.