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- Copper
Copper Valuation, Funding & Investors
Copper is valued at $2B as of October 2022.
Last Copper valuation
$2B
Undisclosed stage · Oct 2022
Last Copper funding round
$15M
Undisclosed stage · Oct 2022
Cumulative funding Copper raised
$281M
across 6 funding rounds
Key investors in Copper
MMC Ventures
LocalGlobe
Target Global
Accel
Tiger Global
SoftBank Group
About Copper
Copper is a London-headquartered custody and trading platform for institutional digital assets. It safeguards over $5 billion in client assets including Bitcoin and Ethereum using multi-party computation wallets and air-gapped storage. The ClearLoop network facilitates off-exchange settlement with exchanges like Binance and Coinbase Prime, while its lending service offers uncollateralized loans.
Founded
2018
HQ
Website
Status
Privately held
Customer focus
B2B
Revenue model
Subscription, Usage-based
Valuation
$2B (Oct 2022)
Copper Valuation
Copper is currently valued at $2B, based on its undisclosed-stage round in October 2022.
Copper valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Oct 2022 | Undisclosed stage | $2B |
Copper Funding History
Copper has raised a total of $281M across 6 funding rounds.
Copper's first fundraising round was a $1M seed round in January 2019. The most recent completed round was a $15M undisclosed-stage round in October 2022.
Copper funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Oct 2022 | Undisclosed stage | - | $15M | $2B | Copper is a crypto custody firm founded in 2018 that provides custody, prime brokerage, and settlement services to institutional investors. The company raised $181 million in its Series C funding round on October 12, 2022, co-led by Dawn Capital and Illuminate Financial Management, with participation from Barclays and others. This round concluded an extended process originally targeting $500 million at a $3 billion valuation in late 2021, adjusted to a $2 billion valuation amid market downturns, including Barclays investing at that level as reported in July 2022. Copper's 2022 revenue reached $27.7 million. Prior rounds included a $50 million Series B in May 2021 co-led by Dawn Capital and Target Global, building on a $10 million Series A in 2020. Total funding across rounds exceeded $281 million by late 2022. The firm expanded by hiring traditional finance professionals to enhance prime infrastructure and has drawn investments from major players like Tiger Global Management in earlier rounds, positioning it for institutional crypto growth despite bear market conditions. |
| Jul 2022 | Series C | SoftBank Group; Barclays Ventures; Tiger Global; Accel | $181M | - | - |
| Jun 2021 | Series B | Alan Howard (lead); MMC Ventures | $25M | - | Copper is a London-based provider of digital asset custody and trading technology, focusing on enabling traditional financial services firms to adopt distributed ledger technology (DLT) and cryptoassets. The company announced a $25 million extension to its $50 million Series B funding round, led by Alan Howard of Brevan Howard, following the initial Series B led by Dawn Capital and Target Global in May. This extension, reported around June 11, 2021, highlights growing interest from traditional finance in crypto infrastructure. The additional capital is earmarked for expanding Copper's role in supporting multinational banks and custodians with crypto services, emphasizing security, speed in transactions, and customer support. Alan Howard praised Copper's technology for bridging traditional finance and crypto, positioning it as a leader in digital asset infrastructure. Copper also formed a strategic partnership with Elwood, combining expertise in crypto trading technology and prime services for institutional investors. Subsequent rounds include a Series C for $181 million in October 2022 led by Dawn Capital. |
| May 2021 | Series B | Dawn Capital (lead); Target Global (lead); LocalGlobe; L1D; Illuminate Financial; MMC Ventures | $51M | - | - |
| Feb 2020 | Series A | LocalGlobe; Target Global; MMC Ventures | $8M | - | Copper, founded in 2018 by CEO Dmitry Tokarev, is a London-based digital asset infrastructure provider offering custody, prime brokerage, and settlements for institutional investors. The company's proprietary ClearLoop technology connects multiple cryptocurrency exchanges in a secure trading loop with instant offline settlement capabilities. In February 2020, Copper closed an $8 million Series A funding round co-led by Target Global, with participation from LocalGlobe, MMC Ventures, and other institutional investors. The capital was earmarked to expand commercial teams and launch new products, with focus on regional operations in North America and Asia. At the time of the round, Copper's Walled Garden infrastructure covered 96% of global crypto liquidity and was processing over £500 million in monthly transaction volumes. |
| Jan 2019 | Seed | MMC Ventures (lead); Sarus Select Capital; Greyhound Capital | $1M | - | - |
Who has invested in Copper?
13 investors have backed Copper across its funding rounds, including MMC Ventures, LocalGlobe, Target Global, Accel, Tiger Global and SoftBank Group.
Lead investors include Alan Howard, Dawn Capital, Target Global and MMC Ventures.
Copper Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 4 | Lead | Jan 2019 | ||
| 2 | Participant | Feb 2020 | ||
| 2 | Lead | Feb 2020 | ||
| 1 | Participant | Jan 2019 | ||
| 1 | Participant | May 2021 | ||
| 1 | Participant | Jul 2022 | ||
| 1 | Participant | Jul 2022 | ||
| 1 | Lead | Jun 2021 | ||
| 1 | Participant | May 2021 | ||
| 1 | Participant | Jul 2022 | ||
| 1 | Lead | May 2021 | ||
This data is available for Pro users. Sign up to see all 13 Copper investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialInvestments by Copper
Copper has invested in 2 companies to date.
Latest investment by Copper was on October 15th 2021. Copper invested in H3 Dynamics in their $26M Series B round.
Latest Investments by Copper
| Description | H3 Dynamics is a Toulouse-headquartered developer of hydrogen fuel cell systems for aerospace and defense since 2007. With facilities in Austin and Singapore, it supplies propulsion for drones, eVTOL aircraft, and MW-scale passenger planes. The firm also deploys on-site hydrogen electrolyzers and refueling stations for airports and remote drone operations. | Omaze is a Los Angeles-based online platform that runs sweepstakes to fundraise for nonprofits. Participants enter for chances to win prizes such as luxury cars, homes, celebrity experiences, or trips while supporting causes like UNICEF, WWF, and Stand Up To Cancer. Omaze handles promotion, legal compliance, and logistics for high-profile campaigns featuring SpaceX visits or meetings with entertainers. The model directs 100 percent of net proceeds to designated charities. |
| HQ Country | ||
| HQ City | Singapore | Los Angeles, CA |
| Deal Date | 15 Oct 2021 | 13 Aug 2020 |
| Round | Series B | Series B |
| Raised | $26M | $30M |
| Investors | Mirai Creation Fund; AOI Holdings; ACA Partners; ATEQ; CMG Capital Management Group; Grosvenor Group; EDBI; Audacy Ventures; Ascent Hydrogen Fund | Tusk Venture Partners; FirstMark; 1745 Ventures; Sand Hill Angels; Inherent Group; Guy Oseary; Pegasus Tech Ventures; Gaingels; Causeway Media Partners |
| Valuation | undisclosed | undisclosed |
| EV/Revenue | ||
| EV/EBITDA | ||
This data is available for Pro users. Sign up to see all Copper investments and their VC round multiples. Start Free Trial | ||
Copper Competitors
Copper competitors include listed companies like Coinbase and XPS Pensions Group, and private ones like 21.co, Aptos, Babel Finance and CertiK.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $7.2B | $1.8B | $46B | 7.6x | ||
| Publicly listed | $353M | $80M | $819M | 2.5x | ||
| Private | $100M | - | $2B | - | ||
| Private | - | - | $2B | - | ||
| Private | - | - | $2B | - | ||
| Private | - | - | $2B | - |
Copper Public Comps
Copper is still privately-owned, but its public comps include Al Ansari Financial Services, iFAST Corp, GoFintech Quantum, Rathbones Group, Sharplink, Choice International, KFin Technologies, Securitize, Republic Bank and Edelweiss Financial Services.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $352M | $154M | 3.5x | - | 8.0x | - | |||
| $349M | $106M | 3.7x | 2.7x | 12.2x | 8.9x | |||
| $223M | ($270M) | 9.5x | - | (7.9x) | - | |||
| $1.2B | $335M | 0.2x | 0.2x | 0.7x | 0.6x | |||
| $28M | ($734M) | 61.9x | 39.9x | (2.4x) | 141.1x | |||
| $117M | $43M | 15.3x | - | 41.9x | - | |||
| $133M | $56M | 11.8x | 10.4x | 27.7x | 26.2x | |||
| $62M | ($34M) | 25.5x | 22.2x | (46.0x) | (37910.8x) | |||
This data is available for Pro users. Sign up to see all Copper competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Copper
| When was Copper founded? | Copper was founded in 2018. |
| Where is Copper headquartered? | Copper is headquartered in London, United Kingdom. |
| Is Copper publicly listed? | No, Copper is a private, VC-backed company. |
| What is Copper's valuation? | Copper was last valued at $2B in its undisclosed-stage round in October 2022. |
| How much funding has Copper raised? | Copper has raised $281M across 6 funding rounds. |
| What was Copper's last funding round? | Copper's last funding round was a $15M undisclosed-stage round in October 2022. |
| Who are Copper's investors? | Copper's investors include MMC Ventures, LocalGlobe, Target Global, Sarus Select Capital, L1D, SoftBank Group, Barclays Ventures, Alan Howard, Illuminate Financial, Tiger Global and 3 others. |
| Which companies are comparable to Copper? | Companies comparable to Copper include Coinbase, XPS Pensions Group, 21.co, Aptos, Babel Finance and CertiK. |
| How many companies has Copper invested in? | Copper has invested in 2 companies, including H3 Dynamics and Omaze. |
| What was Copper's last investment? | In October 2021, Copper invested in H3 Dynamics' $26M Series B alongside Mirai Creation Fund, AOI Holdings, ACA Partners and 6 other investors. |
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