Hassan Maishera
TL;DR
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Flowdesk has reached a $250 million valuation after raising $50 million in a Series B funding round.
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The funding round was led by Cathay Ledger Fund and Ripple.
Flowdesk is Now Valued at $250 Million
French crypto market maker Flowdesk has raised $50 million in a Series B funding round. This latest development comes as the firm records massive growth in business and revenue.
The Series B funding round was led by Cathay Innovation, with Cathay Ledger Fund, Eurazeo, ISAI, Speedinvest, Ripple, and Bpifrance (a French state-owned investment bank) all participating.
Guilhem Chaumont, co-founder and CEO of Flowdesk, told The Block in an interview that The funding round began in June 2023 and was concluded in November. He pointed out that the round went very smoothly despite the current state of the crypto market and a decline in crypto VC funding last year.
The funding round also comes more than two years after the firm raised $30 million in a Series A round in June 2022. The Series B funding round has pushed Flowdesk's valuation to over $250 million from $100 million.
With the recent funding round, Jacky Abitbol, Cathay Innovation's managing partner, has joined Flowdesk's board of directors. The increase in valuation comes as the company continues to experience a surge in trading volumes and revenue. The CEO said,
"As of Jan. 2024, we have witnessed a 3x year-on-year revenue increase and a 10x volume increase.”
Although he didn’t give a specific number, the CEO said the firm trades anywhere from $150 to $400 million on spot markets per day and supports roughly 130 cryptocurrency exchanges.
With the recent approval of spot Bitcoin ETFs, Chaumont said he has an optimistic outlook regarding the market. He said,
"We will continue to see strong inflow in crypto through these ETFs. And this would be very positive for the markets."
