Flowdesk reaches $250 million valuation with Series B round
Summary
French crypto market maker Flowdesk has raised $50 million in a Series B funding round amid its growing business and revenue.Cathay Innovation led the round, with Cathay Ledger Fund, Eurazeo, ISAI, Speedinvest, Ripple, and Bpifrance (a French state-owned investment bank) participating, Flowdesk said Thursday. This was a pure equity funding round that commenced in June and concluded in November, Guilhem Chaumont, co-founder and CEO of Flowdesk, told The Block in an interview. The increased valuation is notable, especially in light of recent flat and down rounds in the crypto industry.As part of the Series B round, Jacky Abitbol, Cathay Innovations managing partner, has joined Flowdesks board of directors, Chaumont said.The crypto market maker has seen significant growth in trading volumes and revenue in recent months as markets have rebounded, Chaumont said. He declined to comment on specific revenue numbers but said the company trades anywhere from $150 to $400 million on spot markets per day and supports about 130 crypto exchanges, both centralized and decentralized.Crypto markets have rebounded lately, initially driven by optimism regarding the potential approval of spot bitcoin exchange-traded funds in the United States, which eventually got a regulatory nod and launched last week. The firm recently hired Charles Tighe as chief financial officer and onboarded several executives from the now-shuttered Genesis Global Trading, including Reed Werbitt, Hanson Birringer, Greg Guttas, and Warren Wynn.Founded in 2020, Flowdesk also offers over-the-counter trading and treasury management services and plans to expand those offerings.