Kaiko Pulls $53M in Series B Funding Despite Market Plunge

Blockchain data aggregation platform, Kaiko has pulled the sum of $53 million in a Series B funding round, shunning the current bearish outlook in the digital currency ecosystem. As reported by Bloomberg, this funding round helps push Kaiko’s valuation threefold, however, the exact figures were not mentioned.

The latest funding round was led by Eight Roads, one of the first backers of China’s tech and retail giant, Alibaba Holdings. Participation in the round was also enjoined by investors including French venture capital firm Revaia and existing investors Alven, Point Nine, Anthemis, and Underscore.

Pulling $53 million at a time when the entire industry and even the broader financial ecosystem is reeling from a negative correction is unusual, however, investors seem convinced with Kaiko’s due diligence and the product presentation to survive the ongoing onslaught which may notably stretch beyond the next couple of months.

“What was challenging, in all honesty, was the due diligence and closing process because we were really, really under scrutiny,” said Kaiko Chief Executive Officer Ambre Soubiran. “They went into many, many details to make sure that there was barely any risk in the investment.”

Kaiko to Maintain Client Trust and Explore Growth Initiatives

Kaiko provides analytics that is used by a wide range of clients including but not limited to Messari, Deutsche Borse, and Paxos. Soubiran noted that despite the general outlook, its business has grown in this period of economic downturn as investors are constantly poring through data to know why the market was falling.

This immunity, however, was not enough to convince investors to inject their funds at a time when the majority of well-publicized crypto firms were considering filing for bankruptcy. This is not unexpected as only the most promising protocols have received backing from investors lately, one of which is Magic Eden.

“Building the narrative around the series B pitch was not the hardest part,” Soubiran said. “The hardest part was getting the whole thing across the finish line in the middle of a minus 80% downturn.” 

At this time, Soubiran said the firm will work hard toward controlling its operating costs, while also developing unique avenues to generate more profits across the board. According to the CEO, the newly injected capital will also be used to increase its workforce from 60 across its various outlets in London, New York, Paris, and Singapore.