Wintermute secures £14.6m Series B funding led by Lightspeed Venture Partners
The algorithmic liquidity provider has raised £14.6m in a Series B round led by Lightspeed Venture Partners with participation from Pantera Capital.
Wintermute is an algorithmic liquidity provider for digital assets operating across multiple centralised and decentralised exchanges. The firm brings quantitative trading methods from traditional financial markets into the digital asset space.
London-based algorithmic liquidity provider Wintermute has secured £14.6m in a Series B funding round led by Lightspeed Venture Partners, with participation from Pantera Capital. A group of other financial backers also joined the raise, alongside existing investors including Blockchain.com Ventures. Jeremy Liew of Lightspeed will take a seat on the board as part of the transaction.
The capital arrives following a period of rapid expansion for the firm, which experienced significant monthly growth throughout 2020 and reached substantial trading volumes by December. Wintermute intends to use the funds to support its upcoming product launches, including an institutional request-for-quote platform and an expansion into derivatives trading, alongside plans to establish a physical presence in Singapore.
From the founder
"Since we have some of the most competitive pricing in the market, we were literally pulled into this business by our counterparties and partners that we work with. The algorithms we use for OTC are the same we use for our proprietary trading, so we have an advantage when it comes to pricing,"
Evgeny Gaevoy
CEO at Wintermute
Investor perspective
"Wintermute has grown almost 25x since Lightspeed led the company’s Series A round just six months ago. That rarely happens! We are excited to continue supporting Wintermute and their ambitious expansion plans going forward,"
Jeremy Liew
Partner, Lightspeed Venture Partners
Use of funds
- 01Continue product development
- 02Expand into international markets
Investors
Jeremy Liew
Lightspeed Venture Partners
Joey Krug
Pantera Capital
Sino Global Capital
Kenetic Capital
Rockaway Blockchain Fund
Hack
DeFi Alliance
Avon Ventures
Blockchain.com Ventures
Categories
About the company
Wintermute
Wintermute provides algorithmic liquidity across digital asset markets.