Elwood Technologies closes $70 million funding round
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Elwood Technologies closes $70 million funding round 16 May 2022UK Reporter: Jenna Lomax
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Elwood Technologies (Elwood) has closed a $70 million Series A funding round, co-led by global investment bank, Goldman Sachs and B2B investor Dawn Capital.
Elwood will deploy the funds to meet the needs of its rising number of institutional clients by expanding the company’s product offerings and its global operations.
The funding round marks a collaboration between crypto-native funds and long-established financial institutions, highlighting the broadening convergence between traditional finance and digital assets, says Elwood.
Designed to simplify entry to digital assets for institutional investors, Elwood's solutions provide full reporting and analytics which is utilised by fintechs and asset managers.
Additional investment for Elwood’s funding round came from Barclays, BlockFi Ventures, Chimera Ventures, CommerzVentures, Digital Currency Group, Flow Traders and Galaxy Digital Ventures.
Commenting on the completion of the funding round, James Stickland, CEO of Elwood, said: “We have entered a new chapter in Elwood's journey and continue to expand our capabilities, enabling our institutional clients to provide their users with improved access to digital assets. The rich mix of investors participating in this raise reaffirms the movement of financial institutions working closely with their native digital asset technology providers.”
Mathew McDermott, global head of digital assets at Goldman Sachs, comments: "As institutional demand for cryptocurrency rises, we have been actively broadening our market presence and capabilities to cater for client demand. Our investment in Elwood demonstrates our continued commitment to digital assets and we look forward to partnering to expand our capabilities.”
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