Amber Group Is Hoping For $100 Million In New Funding At A ‘Flat’ Valuation
Due to volatile market circumstances, the crypto trading platform Amber Group has reduced its value as it seeks a fresh fundraising round. Amber Group is now seeking $100 million at the same $3 billion value as before.
Bloomberg reported that Amber Group was obtaining more than $100 million in new capital at a $3 billion value. The same value was used in the Singapore-based startup’s most recent $200 million round in February, which featured Temasek Holdings Pte and Tiger Global Management as investors.
According to the individual who asked not to be identified because they were talking about private information, the new money represents an extension of the prior round.
They stated that Amber Group had planned to seek funds at a significantly higher valuation in the second quarter, but the drop in cryptocurrency prices caused the business to pursue a so-called flat round instead. The company is aiming to raise financing at a $10 billion value.
The new increase is being accomplished in stages, with around half of the $100 million already obtained. The business intends to close one or two more deals before the end of this year or early in 2023. According to the source, the campaign is organized in this manner because investors are wary of engaging in large investment rounds given the present economic climate.
Amber Group, like other crypto and digital businesses, has made significant layoffs. According to Bloomberg, reported in September, the company has slashed up to 10% of its workforce.
During last year’s crypto bull run, the company expanded fast from 200 to 300 people to over 900. A source close to the situation reported that Amber would complete a last wave of layoffs this month.
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