Sygnum has secured 90 million US dollars in a series B funding round. According to a press release from the Zurich-based company, it was led by Sun Hung Kai & Co., a financial services company that is listed on the Stock Exchange of Hong Kong. The round valued Sygnum at 800 million US dollars on a post-money basis. This was supported by a tenfold increase in consolidated gross revenues in 2021 as well as nearly 1,000 institutional clients and assets under administration amounting to over 2 billion US dollars.
Sygnum plans to use these proceeds to develop a new institutional Web 3.0 offering as well as to support expansion into new global markets and the joint development and international sales of products with new strategic investors.
As with all previous funding rounds, “a large group of employees” were involved this time as personal investors. Together with the co-founders, the board members, and management team, they now hold majority ownership of the company.
Sygnum Co-Founder and Group CEO Mathias Imbach states: “The digital asset economy is rapidly crossing the chasm to mainstream adoption, where investors will demand fully-regulated solutions as they accelerate their exposure. This financing round is a key milestone in our global expansion and in our mission to empower everyone everywhere to own digital assets with complete trust.”
Fintech & blockchain
The Greater Zurich Area has evolved into a global fintech and blockchain hub, thanks to factors like access to talent, leading research institutes, innovation-friendly regulators, investors and industry partners. Switzerland, and particularly Crypto Valley in the Greater Zurich Area, has been at the forefront of digitization and disruptive technologies, and start-ups in the area have access to a variety of incubators and accelerators that support them in establishing a company and developing ideas and products.