Kaiko has tripled its valuation by raising new funds to improve its position on the crypto data market. a provider of crypto market data, announced today a $53 Million Series B round.
Eight Roads, an early backer of Alibaba, led the funding round with participation from Revaia and Alven as well as Point9, Anthemis and Underscore.
The firm’s value has more than tripled since the June 2021 $23 million Series B raise.
“With growing institutional participation in digital assets,” read the announcement by Kaiko.
Decrypt contacted Kaiko to discuss the most recent raise.
Kaiko’s CEO Ambre Soubiran described two months ago as a marathon, explaining why it was so difficult to raise funds in the ongoing bear market.
“What was most challenging was the closing process and due diligence because we were really, really being scrutinized,” Soubiran said in an interview to Bloomberg. The hardest part was getting it done in the middle of a minus 80 percent downturn.
Soubiran said that the most recent crypto meltdown was actually a benefit as clients search for answers to their long unwind.
Kaiko has focused on growing its core products over the past 12 month with major acquisitions such as Kesitys which is a tool for optimizing risk hedging and CoinShares’s Napolean Index. Kaiko Indices was launched after the acquisition of the Napolean Index.
In February 2022, the company received SOC-2 Type 1 accreditation.
The American Institute of CPAs issues certifications that assess a company’s security processes.
Kaiko’s clientele includes a variety of crypto and financial firms, including Paxos and Paxos, Bloomberg, Deutsche Borse and ICE Global Network.
Kaiko currently has offices in Paris and London, New York, Singapore, to fulfill the data needs of local markets.
Soubiran stated, “Over the next 12 months, we will consolidate our position as an industry leader in institutional data solutions, serving to be a critical bridge between central and decentralized financial markets.