- Companies
- Kraken
Kraken Revenue, Valuation, Funding & Investors
Kraken is valued at $8.7B as of December 2025, a 3.9x multiple on its last reported $2.2B revenue.
Last Kraken valuation
$8.7B
Undisclosed stage · Dec 2025
Last Kraken funding round
Strategic investment
Amount undisclosed · Apr 2026
Kraken revenue
$2.2B
Undisclosed stage · Dec 2025
Key investors in Kraken
D1 Capital Partners
Ontario Teachers' Pension Plan
Durable Capital Partners
British Business Bank
Fidelity International
Octopus Energy Group
Kraken Overview
About Kraken
Kraken is a London-headquartered customer engagement platform for energy, water, and broadband providers across Europe and North America. Its technology stack includes billing, CRM, self-service portals, and smart metering analytics to streamline operations. Kraken serves utilities like Octopus Energy and OVO, enabling net-zero transitions through demand response and EV charging management. The platform processes millions of customer interactions monthly, supporting regulatory compliance in deregulated markets.
Founded
2019
HQ
Website
Status
Privately held
Customer focus
B2B
Revenue model
Subscription
Revenue
$2.2B (Dec 2025)
Valuation
$8.7B (Dec 2025)
Kraken Valuation
Kraken is currently valued at $8.7B, based on its undisclosed-stage round in December 2025.
The $1B round was led by D1 Capital Partners, with participation from British Business Bank, Octopus Energy Group, Ontario Teachers' Pension Plan, Durable Capital Partners, Fidelity International and 1 other investor.
Kraken valuation by funding round
| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Dec 2025 | Undisclosed stage | $8.7B | 3.9x |
Kraken Revenue
Kraken's latest recorded revenue is $2.2B, as of its undisclosed-stage round in December 2025. At a $8.7B valuation, that implies a 3.9x revenue multiple.
Kraken revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Dec 2025 | $2.2B | $8.7B | 3.9x | Undisclosed stage |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
Kraken Funding History
Kraken has raised a total of $1B across 2 funding rounds.
Kraken's first fundraising round was a $1B undisclosed-stage round in December 2025. The most recent completed round was a strategic investment round in April 2026.
Kraken funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Apr 2026 | Strategic investment | Saudi Electricity (lead) | - | - | - |
| Dec 2025 | Undisclosed stage | D1 Capital Partners (lead); British Business Bank; Octopus Energy Group; Ontario Teachers' Pension Plan; Durable Capital Partners; Fidelity International; Origin Energy | $1B | $8.7B | Kraken, a US-based cryptocurrency exchange operator under parent company Payward Inc. reported strong 2025 financial performance with adjusted revenue of $2.2 billion, up 33% year-over-year, split nearly evenly between trading (47%) and asset-based services (53%) including custody, yield, payments, and financing. Adjusted EBITDA reached $531 million, a 26% increase, demonstrating operating leverage. Platform metrics included $2.0 trillion in transaction volume (up 34%), $48.5 billion in assets on platform (up 12%), and 5.7 million funded accounts (up 50%). Payward filed confidentially for a US IPO in late 2025, with these results establishing a baseline for its scale ahead of potential listing. The company expanded into tokenized equities, US-listed stocks and ETFs, regulated crypto futures, and MiFID-regulated futures in Europe. Q4 2025 showed $625 million in adjusted revenue and $84 million in adjusted EBITDA amid market volatility. No information on a VC funding round in December 2025 with lead investor D1 Capital Partners and the listed participants (British Business Bank, Durable Capital Partners, etc.) appears in the sources; results focus on operational financials and IPO preparations rather than new equity raises. |
Who has invested in Kraken?
8 investors have backed Kraken across its funding rounds, including D1 Capital Partners, Ontario Teachers' Pension Plan, Durable Capital Partners, British Business Bank, Fidelity International and Octopus Energy Group.
Lead investors include Saudi Electricity and D1 Capital Partners.
Kraken Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 1 | Participant | Dec 2025 | ||
| 1 | Participant | Dec 2025 | ||
| 1 | Participant | Dec 2025 | ||
| 1 | Participant | Dec 2025 | ||
| 1 | Participant | Dec 2025 | ||
| 1 | Lead | Apr 2026 | ||
This data is available for Pro users. Sign up to see all 8 Kraken 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 TrialAcquisitions by Kraken
Kraken has acquired 4 companies to date.
Last acquisition by Kraken was on October 21st 2024. Kraken acquired Jedlix for undisclosed valuation.
Latest Acquisitions by Kraken
| Description | Jedlix is an Amsterdam-headquartered provider of smart charging solutions for electric vehicles through its Vehicle-to-Grid platform. The service optimizes EV battery charging and discharging schedules using AI algorithms, integrating with energy grids in the Netherlands, Belgium, and the United Kingdom. Jedlix partners with utilities and automakers like Nissan to enable bidirectional energy flow. | Kwest is a software platform for renewable energy installers headquartered in London. The tool tracks residential solar and heat pump deployments, automates permitting workflows, and provides asset performance dashboards. Kwest serves U.K. firms handling 10,000 installations yearly, integrating with CRM systems and smart meters for no-touch invoicing and warranty management. | Sennen Tech is a London-based developer of asset management software for renewable energy operators. The platform tracks construction, maintenance, vessels, and personnel in real-time for wind farms and solar installations. Sennen Tech enables optimization of offshore and onshore assets to boost production efficiency in the clean energy sector. | DEPsys is a Puidoux-headquartered technology company in Switzerland's Lavaux region along Lake Geneva, renowned for its UNESCO-listed vineyard terraces. The firm develops advanced solutions for low-voltage electricity networks to integrate decentralized renewable energy from photovoltaic systems, wind turbines, and battery storage. DEPsys enables grid operators to manage bidirectional power flows and maintain stability amid rising distributed generation. Their GridEye platform monitors and controls medium-voltage grids, serving utilities in Europe and beyond. |
| HQ Country | ||||
| HQ City | Rotterdam | Berlin | Bristol | Lausanne |
| Deal Date | 21 Oct 2024 | 23 Jan 2024 | 20 Dec 2023 | 1 Dec 2022 |
| Valuation | undisclosed | undisclosed | undisclosed | $55M |
| EV/Revenue | ||||
| EV/EBITDA | ||||
This data is available for Pro users. Sign up to see all Kraken acquisitions and their M&A valuation multiples. Start Free Trial | ||||
Investments by Kraken
Kraken has invested in 8 companies to date.
Latest investment by Kraken was on August 20th 2025. Kraken invested in Legion in their $5M Seed round.
Latest Investments by Kraken
| Description | Legion is a blockchain fundraising platform ensuring regulatory compliance for tokenized investments. It connects projects with retail investors through on-chain verification and KYC processes. The protocol supports security token offerings compliant with SEC rules, providing transparent ledgers for equity, debt, and revenue shares. | STAGE is an always-on music competition platform where users vote for singers via app, web, and social integrations. Fans discover emerging talent through live streams, leaderboards, and virtual auditions in genres like pop, hip-hop, and indie. The platform hosts weekly contests with cash prizes and label scouting. | Alluvial Finance is a Cayman Islands-based DeFi protocol developer providing lending and staking solutions on Solana blockchain. The platform offers yield-bearing stablecoins and automated market makers, integrated with wallets like Phantom. Founded in 2022, Alluvial Finance locks $100 million in TVL through risk-isolated pools for assets including USDC and PYUSD. | Blockchain Association is a Washington, D.C.-based advocacy organization advancing public policies for blockchain and cryptocurrency networks. The group represents companies like Coinbase and Kraken, lobbying for favorable regulations on digital assets and stablecoins. Formed in 2021, it engages with U.S. Congress on issues including taxation and anti-money laundering rules specific to crypto. | |
| HQ Country | |||||
| HQ City | Virgin, UT | Lisbon | Wilmington, DE | Washington, DC | |
| Deal Date | 20 Aug 2025 | 14 Jun 2024 | 1 Jan 2022 | 18 Nov 2021 | |
| Round | Seed | Seed | Seed | Seed | |
| Raised | $5M | $2M | $6M | $4M | |
| Investors | Crypto.com; systemic ventures; VanEck; BH Digital; Coinbase Ventures; GSR; BitScale Capital; Blockchain Builders Fund; cyber•Fund | Cogitent Ventures; Castrum Capital; Solana Ventures; Synapse Network; RR² CAPITAL; Lavender Capital; Kangaroo Capital; Gains Associates; Moonrock Capital | Kiln; Coinbase Ventures; Figment | Digital Currency Group; Filecoin Foundation | |
| Valuation | undisclosed | undisclosed | undisclosed | $14M | |
| EV/Revenue | |||||
| EV/EBITDA | |||||
This data is available for Pro users. Sign up to see all Kraken investments and their VC round multiples. Start Free Trial | |||||
Kraken Competitors
Kraken competitors include listed companies like Baosight, Nextracker, TGS and Ygsoft, and private ones like Octopus Energy and Aurora Solar.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $1.6B | $281M | $5.9B | 3.2x | ||
| Publicly listed | $3.6B | $747M | $13B | 2.9x | ||
| Publicly listed | $1.5B | $653M | $3B | 2.5x | ||
| Publicly listed | $387M | $71M | $1.5B | 3.9x | ||
| Private | - | - | $9B | - | ||
| Private | $100M | - | $4B | 40.0x |
Kraken Public Comps
Kraken is still privately-owned, but its public comps include Tongwei, Baosight, Jinko Solar, Enphase Energy, Nextracker, CSI Solar, Premier Energies, Trina Solar, AIKO Solar and First Solar.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $13B | $461M | 1.5x | 1.5x | 41.6x | 19.8x | |||
| $1.6B | $281M | 3.5x | 3.2x | 20.3x | 17.6x | |||
| $9.8B | $35M | 0.9x | 0.9x | 239.9x | 11.8x | |||
| $1.5B | $227M | 3.0x | 3.5x | 19.4x | 12.5x | |||
| $3.6B | $747M | 3.2x | 2.9x | 15.3x | 12.9x | |||
| $6B | $801M | 0.9x | 1.0x | 6.9x | 7.1x | |||
| $814M | $258M | 5.3x | 4.0x | 16.8x | 13.8x | |||
| $10B | ($104M) | 0.7x | 0.7x | (67.3x) | - | |||
This data is available for Pro users. Sign up to see all Kraken competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Kraken
| When was Kraken founded? | Kraken was founded in 2019. |
| Where is Kraken headquartered? | Kraken is headquartered in London, United Kingdom. |
| Is Kraken publicly listed? | No, Kraken is a private, VC-backed company. |
| What is Kraken's valuation? | Kraken was last valued at $8.7B in its undisclosed-stage round in December 2025. |
| How much funding has Kraken raised? | Kraken has raised $1B across 2 funding rounds. |
| What was Kraken's last funding round? | Kraken's last funding round was a strategic investment round in April 2026, led by Saudi Electricity. |
| Who are Kraken's investors? | Kraken's investors include British Business Bank, Octopus Energy Group, Ontario Teachers' Pension Plan, Durable Capital Partners, Fidelity International, Saudi Electricity, Origin Energy and D1 Capital Partners. |
| What is Kraken's revenue? | Kraken's latest recorded revenue is $2.2B (December 2025). |
| What is Kraken's revenue multiple? | Kraken's latest valuation implies a 3.9x revenue multiple ($8.7B valuation on $2.2B of revenue). |
| Which companies are comparable to Kraken? | Companies comparable to Kraken include Baosight, Nextracker, TGS, Ygsoft, Octopus Energy and Aurora Solar. |
| How many companies has Kraken acquired? | Kraken has acquired 4 companies, including Jedlix, Kwest, Sennen Tech and DEPsys. |
| What was the largest acquisition by Kraken? | The $55M acquisition of DEPsys in December 2022 is the largest acquisition Kraken has made to date. |
| How many companies has Kraken invested in? | Kraken has invested in 8 companies, including Legion, STAGE, Alluvial Finance, Blockchain Association, Chingari, Rocket Dollar, Prime Trust and Wyre. |
| What was Kraken's last investment? | In August 2025, Kraken invested in Legion's $5M seed round alongside Crypto.com, systemic ventures, VanEck and 6 other investors. |
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