Elwood Technologies Raises $70 Million
Posted by Colin Lambert. Last updated: May 17, 2022
Digital assets technology provider Elwood Technologies has closed a Series A funding round that raised $70 million, it was co-led by Dawn Capital and Goldman Sachs, with participation from Barclays, BlockFi Ventures, Chimera Ventures, CommerzVentures, Digital Currency Group, Flow Traders and Galaxy Digital Ventures.
The firm terms the raising a “landmark collaboration between crypto-native funds and long-established financial institutions” and says it highlights the broadening convergence between traditional finance and digital assets, as well as a heightened appetite from institutional investors in the cryptocurrency ecosystem.
Elwood says it will deploy the funds to meet the needs of its institutional clients by expanding both the company’s breadth of product offerings and its global operations. Currently the firm’s offering is focused on offering OMS/EMS/PMS access to crypto exchanges via a single API.
“Elwood was established to meet the needs of institutions seeking to secure exposure to digital assets by providing a robust and transparent platform which delivers the highest standards expected in traditional finance,” says James Stickland, CEO of Elwood Technologies. “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. Together, we aim to provide broader mass market involvement in digital assets and cryptocurrency. We look forward to working with our investors to further enhance our offerings and broaden their market adoption.”
Josh, Bell, general partner at Dawn Capital, adds, “At Dawn, we continue to seek out first-class infrastructure that will continue to support the rapid evolution of the digital asset market. Our investment in Elwood was a natural fit, given the business’ cutting-edge technology, experienced team and significant market opportunity. Now is an important moment in Elwood’s evolution as its technology moves to the mainstream, and we look forward to supporting them to unlock access to the digital asset market for institutions everywhere.”
Meanwhile, Mathew McDermott, global head of digital assets at Goldman Sachs, says, “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.”