ZenGo seeks US$10 million in deferred financing to prepare for Round B

03/01/2023 22:10 • Blockchain Briefs • 121 views

It is reported that ZenGo, a cryptocurrency wallet provider, is raising funds in the A series of deferred financing. According to a promotional material obtained by The Block, ZenGo hopes to raise US $10 million through convertible notes before the full round B financing later this year. The valuation of the A round of deferred financing is US $100 million, which is the same as the valuation of ZenGo’s A round of financing two years ago. ZenGo obtained a round A financing of US $20 million from investors including Insight Partners, Austin Rief Ventures and Samsung Next in April 2021.

Encrypted wallet ZenGo completed $10 million round A expansion financing

Analysis based on this information:

ZenGo, a cryptocurrency wallet provider, is looking to secure US$10 million in a Series A deferred financing round to prepare for its upcoming round B financing later this year. This comes after the company raised US$20 million in a Series A funding round earlier this year from Insight Partners, Austin Rief Ventures, and Samsung Next.

According to promotional materials obtained by The Block, the A series of deferred financing will have a valuation of US$100 million, which is the same as its valuation in the A round of financing two years ago. ZenGo intends to raise funds via convertible notes, allowing investors to convert the notes into equity at a later date, usually upon the occurrence of a significant financing round.

Deferred financing is a financing method that enables companies to secure funds upfront and delay the issuance of equity to investors until some future milestone, such as a subsequent funding round or the achievement of specific business goals.

ZenGo’s move to secure additional funding suggests that the company is looking to accelerate its growth and expand its range of services. The cryptocurrency wallet provider has been growing rapidly in recent years, attracting investors in the process. It offers a unique wallet solution that combines the convenience of a centralized exchange with the security of a decentralized wallet.

In conclusion, ZenGo’s move to raise funds through deferred financing signals its confidence in its growth potential and its ability to attract investors. The cryptocurrency wallet market is highly competitive, and ZenGo’s unique approach to combining convenience and security has enabled it to establish a strong foothold in the market. With more funds at its disposal, the company is well-positioned to expand its suite of services and take on the competition.

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ZenGo seeks US$10 million in deferred financing to prepare for Round B

Encrypted wallet ZenGo completed $10 million round A expansion financing

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