Blockchain analytics firm Kaiko raised $53 million during its latest financing round from new and existing investors.

The Series B round managed to triple Kaiko’s valuation since its last round in June 2021, according to a spokesperson who declined to provide exact figures. Alongside existing investors, Alven, Point Nine, Anthemis, and Underscore, this investment was led by Alibaba backer Eight Roads, alongside French venture capital firm Revaia.

As investors have grown exceedingly cautious with crypto funding amidst the current market turmoil, Kaiko Chief Executive Officer Ambre Soubiran described the past two months as “a marathon.” “What was challenging, in all honesty, was the due diligence and closing process because we were really, really under scrutiny,” she said. “Building the narrative around the series B pitch was not the hardest part,” she added “The hardest part was getting the whole thing across the finish line in the middle of a minus 80% downturn.”  

As prices have plunged and liquidity dissipated, many prominent crypto companies, lenders, and hedge funds, now bordering on insolvency, have had to cut costs, and lay off staff. While lacking direct exposure to token pricing, Kaiko has still been affected by the industry’s troubles as $2 trillion was wiped off the market’s value. 

According to Soubiran, the crypto meltdown has been a boon for Kaiko’s business, with a sharp jump in leads for new clients since the current crisis started. She says customers have been jostling for information about why prices are crashing. Kaiko provides institutional investors and businesses with crypto and decentralized finance market data, in addition to pricing services, indices, and industry research. 

In the coming month, Soubiran said she plans to take “a much closer look at our path to profitability.” However, Kaiko still intends to bolster its ranks of roughly 60 with a chief financial officer and other senior roles across offices in London, Paris, Singapore, and New York.

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The post Kaiko Triples Valuation With Latest Funding Round appeared first on BeInCrypto.

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