Digital asset trading technology firm AlgoTrader today revealed that it has raised $4.5 million in the Pre-Series B funding to continue the global expansion strategy of its trading platform.
The funding round was co-led by Credit Suisse Entrepreneur Capital and C3 EOS VC Fund. East Asian venture capital firms SBI Investment and Fenbushi Capital also participated, as well as other investors including Verve Ventures, Quonota Investments, NeueCapital, etc. AlgoTrader raised more than $11 million in total.
The technology firm noted that the investment will be used to expand its position in the market and to drive platform and team development.
2021 – a year of growth
According to AlgoTrader, 2021 was a year of record growth for it, driven by growth of crypto funds and the exposure of leading banks to the digital asset ecosystem. The company is expecting a surge in demand for its products.
Andy Flury, CEO of AlgoTrader, commented:
As we pursue our strategic focus on institutional digital asset trading, gaining support from leaders in the industry is invaluable. This round of investment goes beyond dollars as we are able to draw on the expertise, infrastructure, and networks of our new investors to accelerate our growth and work towards the upcoming Series B funding.
Representative Director, President & Chairman of SBI Investment, Yoshitaka Kitao, said:
SBI strongly believes in the potential of blockchain technology and the crypto economy – especially for financial institutions. AlgoTrader’s focus on sell-side digital asset trading solutions is a perfect fit with our investment strategy and is well supported by its impressive track record and client acquisition.
Fenbushi Capital’s Partner Rin Huang, added:
We are excited to support AlgoTrader’s vision and to help them onboard the next wave of institutional traders into the digital asset ecosystem.
