Last Serum valuation
$500M
Seed · Jul 2020
Last Serum funding round
$100M
ICO · Jan 2022
Cumulative funding Serum raised
$120M
across 2 funding rounds
Key investors in Serum
Tiger Global
GBV Capital
Kenetic
Wintermute Ventures
Kyros Ventures
Ryze Labs
About Serum
Serum is a decentralized exchange protocol built on the Solana blockchain enabling on-chain order books and automated market makers. Developed by Project Serum in collaboration with FTX and Alameda Research, it supports cross-margin trading, perpetual futures, and lending with high throughput exceeding 50,000 transactions per second. Serum powers DeFi applications for crypto trading communities globally.
Founded
2020
HQ
New York City, NYWebsite
Status
Privately held
Customer focus
B2C
Revenue model
Commission
Valuation
$500M (Jul 2020)
Serum Valuation
Serum is currently valued at $500M, based on its seed round in July 2020.
The $20M round was led by GBV Capital, with participation from Wintermute Ventures, Casper Cheng, Protofund, Platinum Capital, Kenetic and 4 other investors.
Serum valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Jul 2020 | Seed | $500M |
Serum Funding History
Serum has raised a total of $120M across 2 funding rounds.
Serum's first fundraising round was a $20M seed round in July 2020. The most recent completed round was a $100M ico round in January 2022.
Serum funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Jan 2022 | ICO | Commonwealth Asset Management; Tiger Global | $100M | - | - |
| Jul 2020 | Seed | GBV Capital (lead); Wintermute Ventures; Casper Cheng; Protofund; Platinum Capital; Kenetic; Kyros Ventures; Evernew Capital; Redline DAO; Ryze Labs | $20M | $500M | Serum is a decentralized exchange (DEX) and order book protocol built on the Solana blockchain, launched in August 2020 by the Serum Foundation, with involvement from FTX CEO Sam Bankman-Fried and Alameda Research. It enables fast transactions at low cost ($0.00002 gas), cross-chain support, stablecoins, and wrapped assets, allowing traders full control over orders. Serum serves as middleware for projects like Raydium, Atrix, and Mango Markets, boasting higher total value locked (TVL) of around $260 million compared to competitors Orca and Saber at $95 million each. The SRM token has a total supply of 10 billion, with 10% initially unlocked and 90% locked for a year followed by a 6-year linear unlock starting August 11, 2021. On August 7, 2020, Serum sold 3 million SRM at $0.11 each via initial exchange offerings on FTX and BitMax, and allocated 825 million SRM for ecosystem incentives. The specified funding round matches the Seed round concluded around July 31, 2020, raising $20 million at a price of $0.05 per SRM for 400 million tokens (4% of supply), with a pre-valuation of $500 million. Investors align with listed ones including GBV Capital (lead), Jump Crypto, Multicoin Capital, Kenetic, and others like CoinFund, Tagus Capital, and Commonwealth Asset Management. Tokens from the Seed were locked up over 1-7 years post-sale. |
Who has invested in Serum?
12 investors have backed Serum across its funding rounds, including Tiger Global, GBV Capital, Kenetic, Wintermute Ventures, Kyros Ventures and Ryze Labs.
Lead investors include GBV Capital.
Serum Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
 London | 1 | Participant | Jul 2020 | |
 Hong Kong | 1 | Participant | Jul 2020 | |
| Los Angeles, CA | 1 | Participant | Jul 2020 | |
| San Francisco, CA | 1 | Participant | Jul 2020 | |
| Hong Kong | 1 | Participant | Jul 2020 | |
 Ho Chi Minh City | 1 | Participant | Jul 2020 | |
 Taipei | 1 | Participant | Jul 2020 | |
| Los Angeles, CA | 1 | Participant | Jan 2022 | |
 George Town | 1 | Lead | Jul 2020 | |
 Victoria | 1 | Participant | Jul 2020 | |
This data is available for Pro users. Sign up to see all 12 Serum 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 Serum
Serum has invested in 5 companies to date.
Latest investment by Serum was on August 18th 2022. Serum invested in Everlend in their $3M Seed round.
Latest Investments by Serum
| Description | Everlend is a Kyiv-headquartered decentralized finance protocol on the Solana blockchain for lending and borrowing. It aggregates liquidity from multiple pools to offer competitive deposit yields and loan rates, with automated rebalancing based on market conditions. Users collateralize assets like SOL and USDC for instant loans. Launched in 2021, Everlend operates across global crypto markets with smart contract audits from top firms. | Fig Investments is a B2B fintech platform enabling traditional financial institutions to launch white-label cryptocurrency products. It provides banks, broker-dealers, and asset managers with structured notes, ETFs, and direct indexing baskets tracking Bitcoin and Ethereum for accredited investors. Integrated APIs support compliance with SEC regulations and custody via partners like Fidelity Digital Assets. | - | Aver is a non-custodial peer-to-peer prediction market on Solana blockchain supporting bets on events from politics to esports. It leverages Serum DEX for liquidity and Chainlink for oracle price feeds ensuring instant settlements. Aver facilitates custom market creation with liquidity bootstrapped by AMM pools. | |
| HQ Country |  |  | | | |
| HQ City | Kyiv | Vancouver | - | Chicago, IL | |
| Deal Date | 18 Aug 2022 | 1 Jul 2022 | 7 Jun 2022 | 24 Jan 2022 | |
| Round | Seed | Pre-seed | Series A | Seed | |
| Raised | $3M | $700K | $10M | $8M | |
| Investors | Everstake Capital; Everstake; GSR; Portico Ventures | Cogitent Ventures; dlab; Signum Capital; SOSV; Big Brain Holdings | Staking Facilities; Canonical Crypto; FTX Ventures; Contango Capital Partners; Tess Ventures; EBT Group; PANONY; Ryze Labs | Gate; Mirana; MEXC Global; Alameda Research; Blue Pool Capital; PetRock Capital; Solar Eco Fund; GBV Capital; Susquehanna International Group | |
| Valuation | undisclosed | undisclosed | undisclosed | undisclosed | |
| EV/Revenue | |||||
| EV/EBITDA | |||||
This data is available for Pro users. Sign up to see all Serum investments and their VC round multiples. Start Free Trial | |||||
Serum Competitors
Serum competitors include listed companies like Securitize and Finexity, and private ones like Waves Platform, Animoca Brands KK, Bitwise and C2x.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
 Moscow | Private | - | - | $600M | - | |
| United States | Publicly listed | $62M | ($34M) | $1.5B | 22.2x | |
 Germany | Publicly listed | $2M | ($1M) | $49M | 4.6x | |
 Fukuoka | Private | - | - | $500M | - | |
| San Francisco, CA | Private | - | - | $500M | - | |
| Los Angeles, CA | Private | - | - | $500M | - |
Serum Public Comps
Serum is still privately-owned, but its public comps include Stewards, Leonteq, Rhino Bitcoin, Indokripto Koin Semesta, Coincheck Group, Bakkt, Chaince Digital, ProCap Financial, EUWAX and Capital B.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| - | - | - | - | - | - | |||
| $217M | $12M | 8.7x | 7.3x | 158.4x | - | |||
| $478K | ($417K) | 1242.8x | - | (1423.4x) | - | |||
| $16M | $7M | 36.9x | - | 81.1x | - | |||
| $3.1B | $354K | 0.2x | 0.2x | 1312.3x | (189.0x) | |||
| $2.3B | ($98M) | 0.1x | 0.2x | (2.9x) | (27.3x) | |||
| $2M | ($3M) | 148.5x | - | (97.3x) | - | |||
| - | - | - | - | - | - | |||
This data is available for Pro users. Sign up to see all Serum competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Serum
| When was Serum founded? | Serum was founded in 2020. |
| Where is Serum headquartered? | Serum is headquartered in New York City, NY, United States. |
| Is Serum publicly listed? | No, Serum is a private, VC-backed company. |
| What is Serum's valuation? | Serum was last valued at $500M in its seed round in July 2020. |
| How much funding has Serum raised? | Serum has raised $120M across 2 funding rounds. |
| What was Serum's last funding round? | Serum's last funding round was a $100M ico round in January 2022. |
| Who are Serum's investors? | Serum's investors include Wintermute Ventures, Casper Cheng, Protofund, Platinum Capital, Kenetic, Kyros Ventures, Evernew Capital, Commonwealth Asset Management, GBV Capital, Redline DAO and 2 others. |
| Which companies are comparable to Serum? | Companies comparable to Serum include Waves Platform, Securitize, Finexity, Animoca Brands KK, Bitwise and C2x. |
| How many companies has Serum invested in? | Serum has invested in 5 companies, including Everlend, Fig Investments, Vybe Network, Aver and Cypher. |
| What was Serum's last investment? | In August 2022, Serum invested in Everlend's $3M seed round alongside Everstake Capital, Everstake, GSR and 1 other investor. |
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