Amber Group has raised £300 million in a Series C funding round led by Fenbushi Capital US.
Amid the carnage of collapsing crypto firms across the sector, Amber Group is looking to buck the trend with its recent funding raise which it announced this morning on Twitter.
1) Today, we’re announcing that Amber Group has completed a $300M Series-C round, led by Fenbushi Capital US and joined by other crypto-native investors and family offices.
— Amber Group (@ambergroup_io) December 16, 2022
Following on from the news that it had decided to end its partnership with the UK premiership’s Chelsea Football Club, and had also cut its workforce by 40%, Amber Group has now received backing to go ahead and reinvigorate its business.
Amber also said on Twitter that it would be adapting to the changing demands in the crypto market.
2) This new round of fundraising demonstrates investor confidence in Amber’s business and the commitment to shape our future together. As part of that future, it’s important for us to adapt and protect our clients in this challenging market environment.
— Amber Group (@ambergroup_io) December 16, 2022
It also announced that it had changed its fundraising strategy in order to continue attracting the investment and backing from its Series C investors.
6) That’s why we reacted quickly to adjust our fundraising strategy. The Series C investors came on board with the understanding that we will be laser-focused on providing best-in-class services to our client base of institutional and high-net-worth investors.
— Amber Group (@ambergroup_io) December 16, 2022
Amber has certainly had to cut its cloth in a major effort to remain at the forefront of crypto trading, and of providing liquidity and market-making services, mainly in Asia. Its valuation has decreased below the $3 billion figure it was valued at in February of this year.
With its renewed investment now received and a much leaner staff with which to do business, Amber Group will be hoping that 2023 will be a lot more positive as it focuses on its core business and clients.
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