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French crypto market maker Flowdesk raises $50 million in Series B funding round

French crypto market maker Flowdesk has recently announced that it has successfully raised $50 million in a Series B funding round. The company has experienced significant growth in its business and revenue, leading to this successful fundraising effort. This funding round was led by Cathay Innovation, with participation from Cathay Ledger Fund, Eurazeo, ISAI, Speedinvest, Ripple, and Bpifrance, a French state-owned investment bank. Despite challenging market conditions and a slowdown in crypto venture capital funding last year, Flowdesk’s co-founder and CEO, Guilhem Chaumont, described the fundraising process as “very smooth.”

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Increased Valuation and Board Member Addition

Flowdesk’s latest Series B round marks a significant milestone for the company, coming two and a half years after its previous $30 million Series A round in June 2022. The successful funding has led to an increase in Flowdesk’s valuation to over $250 million, up from $100 million during its Series A round. In addition, Jacky Abitbol, managing partner at Cathay Innovation, has joined Flowdesk’s board of directors as part of the Series B round.

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Flowdesk’s Growing Business and Expansion Plans

Flowdesk has experienced significant growth in trading volumes and revenue, with a 3x year-on-year revenue increase and a 10x volume increase as of Jan. 2024. The company trades anywhere from $150 to $400 million on spot markets per day and supports about 130 crypto exchanges, both centralized and decentralized. The recent rebound in crypto markets, driven by the approval of spot bitcoin exchange-traded funds in the United States, has contributed to this growth.

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Expansion Plans and Hiring

With the fresh capital from the Series B funding round, Flowdesk plans to further expand its business globally, focusing on growth in Singapore and the U.S., and establishing a new office in London. The company also intends to hire around 50 more people to add to its current headcount of about 100 people. In addition, Flowdesk aims to obtain regulatory licenses in new markets and prepare for compliance with the European Union’s Markets in Crypto-Assets regulation.

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Company Offerings and Total Funding

Founded in 2020, Flowdesk offers over-the-counter trading and treasury management services, with plans to expand these offerings. The Series B round brings Flowdesk’s total funding to date to over $80 million, including a $450,000 pre-seed funding round in 2021.

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Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.

┬® 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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