Seed15 October 2020

Archax raises £6.2m in seed funding to support its exchange launch

The seed round drew backing from a group of digital and blockchain focused venture firms, including Alameda Research and CoinFund.

£6.2MSeed

Archax is a regulated digital asset exchange, brokerage and custodian based in London. It allows institutional investors to trade and custody digital and traditional securities.

Archax has secured £6.2m in a seed funding round to provide the regulatory capital required for its exchange launch. The oversubscribed round attracted participation from several digital and blockchain focused venture capital firms. With FCA regulation already secured, the company intends to deploy the capital to support its market debut and subsequent expansion.

The financing follows an extended fundraising process that brought total funds raised to date to $8m, surpassing the firm's initial target of $5m. Backers joining the cap table include Alameda Research, Hudson Capital and CoinFund, among others.

From the founder

"Getting our FCA regulation in place and building the exchange platform were huge first milestones for us. But we obviously also needed the funding in place to meet our regulatory capital requirements to launch. To successfully close our seed raise, and beat our target in the process, was amazing – even more so when you consider the calibre of the VCs who have invested in us."

Graham Rodford

CEO and co-founder at Archax

Investor perspective

"We are impressed with the groundwork done by the Archax team to establish themselves within the UK regulatory framework and are very excited to take part in this funding round as they prepare to launch."