Copper secures $50 million in Series B funding led by Dawn Capital & Target Global

By Megha Bhattacharya

London-based digital asset infrastructure provider Copper today announced the close of a $50 million Series B funding round. The investment round was co-led by B2B software investor Dawn Capital and Target Global, who led Copper’s Series A round. Also participating in the round were enterprise FinTech specialist VC firm Illuminate Financial Management, Copper’s existing investors LocalGlobe and MMC Ventures, and a number of FinTech executives and entrepreneurs serving as strategic angels.

Dmitry Tokarev, founder and CEO of Copper, said, “Copper has achieved tremendous growth over the past 12 months. I am incredibly grateful to our talented and growing team whose hard work is reflected, in part, by this highly successful funding round. I would also like to express my thanks to our investors who continue to support Copper and our ambitious plans to expand across the globe, and cement ClearLoop as the go-to for the clearing and custody of digital assets. Their backing, and continued support from our strong client base, is a testament to the quality of the business we are building.”

Copper will use the funds to broaden its international footprint, particularly across the US and Asia, with plans to open at least two new regional offices. The company will also announce key high-profile hires across its strategy, operations, and business development departments, leading to a tripling of headcount by the end of 2021.

Josh Bell, General Partner at Dawn Capital, said, “With the proliferation of institutional investment in digital assets over the last few years, we had been tracking Copper since its entry to the market just three years ago. It is rare to find a team that so expertly understands not only traditional asset management, but that of digital assets and how to marry the two worlds to provide institutional-grade infrastructure that truly meets investors’ requirements. So, we are delighted to be supporting Dmitry and the Copper team in their next phase of growth, and believe they are perfectly placed to deliver the new industry-standard in digital asset custody and clearing globally.”