London-based cryptocurrency startup Copper.co raises $8m

David Prior's picture

Copper.co, the London-based cryptocurrency startup, has raised $8m in Series A funding.

Copper will use the funds to develop regional client-facing operations in North America and Asia and accelerate the launch of new products.

Investors in the round included investment firm Target Global, which has also backed Auto1 and Delivery Hero; LocalGlobe, which has invested in Zoopla and Transferwise; and MMC Ventures, which backed Gousto and Interactive Investor.

The fund-raise followed a previous seed round that saw Copper raise $1.3m in 2018.

Since launching in 2018, Copper has quickly grown its client base with crypto funds, institutions and HNW private traders.

Dmitry Tokarev (pictured), founder and CEO of Copper, said: “Copper was always designed to be a global offering. Since 2017, we have seen many crypto custody solutions emerge that don’t fully meet the needs of institutions. Instead, they have built for an institutional framework that doesn’t exist yet, and is unlikely ever to, leaving institutions discouraged.

“This venture funding round is a real vote of confidence from investors. Their support will allow us to accelerate our scale up, hiring teams in key regions and introducing new products and services to better meet their needs.”

Mike Lobanov, General Partner at Target Global, said Copper "provides institutions with traditional prime brokerage services for the crypto world".