Total amount raised
$268 Million
Latest funding date
1/1/2025
Location
Phantom has successfully raised funding over three rounds, with the latest being a Series C round, and is backed by notable investors such as Paradigm, a16z crypto, and Sequoia Capital.
Keep reading to explore the intricacies of Phantom's fundraising journey and the investors backing this innovative cryptocurrency wallet platform.
What Is Phantom?
Phantom is a cryptocurrency wallet that facilitates the buying, trading, and storing of cryptocurrencies, including NFTs and tokens. The company operates within the cryptocurrency, decentralized finance (DeFi), and financial technology sectors. It is based in San Francisco, California, and has an employee count ranging from 101 to 250.
Phantom emphasizes user control and privacy, offering features such as managing multiple blockchain networks, fast and low-fee token swaps, and tools for handling NFTs. The wallet is trusted by over 15 million users and provides 24/7 global support.
How Much Funding Has Phantom Raised?
- Series A
- Amount Raised: USD 9,000,000
- Date: July 2021
- Lead Investors: Andreessen Horowitz
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale the platform and enhance security features.
- Series B
- Amount Raised: USD 109,000,000
- Date: January 2022
- Lead Investors: Paradigm
- Valuation at Round: USD 1,200,000,000
- Motivation Behind the Round: To expand the user base and enhance product offerings.
- Series C
- Amount Raised: USD 150,000,000
- Date: January 2025
- Lead Investors: Paradigm, Sequoia Capital
- Valuation at Round: USD 3,000,000,000
- Motivation Behind the Round: To accelerate crypto adoption and build the world's largest consumer finance platform.
Total Amount Raised: USD 268,000,000. Current Valuation: USD 3,000,000,000.
Key Investors
- Sequoia Capital
- Details: Sequoia Capital is a venture capital firm that invests in early and growth-stage companies. It has a long history of backing successful companies in various sectors.
- Investment Focus Areas: Technology, healthcare, consumer services, financial services.
- Notable Investments: Apple, Google, Oracle, PayPal, LinkedIn, WhatsApp.
- Paradigm
- Details: Paradigm is an investment firm focused on supporting the crypto and blockchain industry. It invests in companies and protocols that are building the future of the internet and financial systems.
- Investment Focus Areas: Cryptocurrency, blockchain technology, decentralized finance (DeFi).
- Notable Investments: Coinbase, Uniswap, FTX, BlockFi.
- Andreessen Horowitz (a16z crypto)
- Details: Andreessen Horowitz is a venture capital firm that backs bold entrepreneurs building the future through technology. The a16z crypto fund focuses on cryptocurrency and blockchain technology.
- Investment Focus Areas: Cryptocurrency, blockchain, decentralized finance (DeFi).
- Notable Investments: Facebook, Twitter, Airbnb, Lyft, Coinbase.
- Variant
- Details: Variant is a venture capital firm that invests in early-stage companies in the crypto and blockchain space. It focuses on decentralized finance and Web3 technologies.
- Investment Focus Areas: Decentralized finance (DeFi), Web3 technologies.
- Notable Investments: Uniswap, Compound, Aave.
What's Next for Phantom?
Phantom is poised to capitalize on the burgeoning opportunities in the cryptocurrency space. With $150 million raised in its Series C round and a valuation of $3 billion, the company aims to transition from a leading crypto wallet to the world's largest consumer finance platform. The integration of social discovery features and simplified peer-to-peer payments are set to enhance user experience and drive further adoption.
Future fundraising opportunities appear promising as Phantom continues to innovate and expand its offerings. The company's growth trajectory and strategic acquisitions, such as Bitski and Blowfish, position it well for attracting additional investments. These funds will likely be used to bolster security, infrastructure, and user-centric features, ensuring Phantom remains competitive in a rapidly evolving market.
However, challenges lie ahead. Phantom must navigate regulatory scrutiny, maintain robust security measures, and fend off competition from both established crypto wallets and traditional financial institutions. By addressing these hurdles, Phantom can solidify its position as a leader in the crypto and consumer finance sectors.
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