CoinShots Logo
Amber Group Reduces Valuation, Seeks Additional $100M
Crypto trading platform Amber Group lowered its valuation to the $3 billion at which it previously raised, as the company seeks an additional $100 million from investors.
Himanshu S.
12:48 5th Nov, 2022
Markets

Tumultuous market conditions caused crypto trading platform Amber Group to reduce its valuation as the company pursues a new funding round.

Amber Group now seeks $100 million at the same $3 billion valuation it previously raised. The company in February was valued at $3 billion as it raised $200 million, led by wealth fund Temasek, and joined by Sequoia China, Pantera Capital, Tiger Global Management, True Arrow Partners and Coinbase Ventures.

Amber attempted to raise again at a much higher valuation between $5 billion-$8 billion, but given a general slump in the crypto market, those funds never materialized.

The adjustments for Amber extend beyond fundraising efforts. Amber recently cut as many as 10% of its staff citing the bear market.

Cautious even with a 25% climb in revenue, the company’s head of business development, Annabelle Huang, previously said that the company will be prudent while bearish conditions persist.

Source



CoinShots Logo

Services

Social

Get in touch:

© 2023 Coinshots (AtlasZero LLC). All rights reserved.