Tuesday, October 4, 2022

Goldman Sachs Backs Elwood Technology in its $70M Series A Round

London-based fintech company Elwood Technologies has raised $70 million in a Series A financing round that had collaboration from heavyweights in both traditional finance as well as digital asset ecosystems. Through the new round, the firm is now reached a $500 million valuation.

The financing session was chaired by multinational investment bank Goldman Sachs alongside London-based Business to Business (B2B) software investor Dawn Capital. Other notable investors in Elwood’s first fundraising include Chimera Ventures, Barclays, BlockFi Ventures, Flow Traders, Galaxy Digital Ventures, and others.

Elwood plans to scale its product offerings to meet the rising demands of professional clients while also building on its infrastructure to improve its operations internationally.

According to its CEO, James Stickland, Elwood Technologies was born out of the need to furnish institutions with guided direction to digital assets through its rich and transparent platform. Hence, allowing its professional clients a medium to offer their users enhanced entry to digital assets.

James also added that the blend of investors in the financing round is a testament to financial organizations working in tandem with digital asset technology providers to offer wider market involvement in digital assets and cryptocurrency.

Goldman Sachs’ Matthew McDermott reiterated that the partnership shows Goldman Sachs’s commitment to delivering broader digital asset services, adding that the firm is widening its presence to cater to the increasing demand by institutional investors in the cryptosphere.

This fundraising continues the trend of Goldman Sachs’s investment in the crypto sphere. The investment bank had earlier participated in a Series B financing round that saw Web3 security firm CertiK raise $88 million last month bringing its valuation to $2 billion.

Amberdata, a leading blockchain, and crypto-asset firm also pulled $30 million in a Series B financing round last week which was aimed at designing special innovative products that will be centered on broader Decentralized Finance (Defi) coverage, and improved digital assets indices among other expansions.

Elwood Technologies was founded by Alan Howard in 2018 and started as an asset manager but has since June last year delved into providing market data, trading infrastructure as well as an asset management software to clients with significant investments in crypto.

This allows the investors access to crypto exchanges, banks, fintech, and hedge funds to pool the required data to make informed decisions. It provides services for institutional investors, asset management firms as well as fintech firms.

Joyce Onose
A Blockchain enthusiast and growing writer in the space with an understanding of the importance in creating quality content for readers in the industry. Also, keen on using her skills in improving Blockchain journalism.

Related Articles

Stay Connected

0FansLike
0FollowersFollow
2,043FollowersFollow

Latest Articles

%d bloggers like this: