Total amount raised
$23.1 Millions
Latest funding date
08/01/2018
Location
SFOX has successfully raised significant funding through multiple rounds, with its last funding round being a Series A closed on August 16, 2018. The platform is a full-service crypto prime dealer, offering liquidity, security, and infrastructure for institutional investors.
With backing from 14 investors, including Social Capital and Digital Currency Group, SFOX continues to enhance its offerings in the cryptocurrency market. Keep reading to explore the intricacies of SFOX's fundraising journey and the investors supporting this innovative platform.
What Is SFOX?
SFOX, founded in 2014 by Akbar Thobhani and George Melika, is a prominent player in the cryptocurrency industry. Headquartered in Los Angeles, California, the company operates as a full-service crypto prime dealer, catering to institutional investors.
With an employee count ranging between 51-100, SFOX offers a comprehensive suite of services, including trading, liquidity, custody, and post-trade settlement. The platform is designed to provide liquidity, security, and infrastructure, ensuring higher returns for professional traders and institutional investors.
How Much Funding Has SFOX Raised?
- Seed Round
- Amount Raised: $120K
- Date: July 2014
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart the company's operations and develop its initial product offerings.
- Convertible Note
- Amount Raised: Not publicly disclosed
- Date: September 2014
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To provide additional working capital and support early-stage growth.
- Venture Round
- Amount Raised: Not publicly disclosed
- Date: January 2017
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the company's market reach and enhance its trading platform.
- Series A
- Amount Raised: $23M
- Date: August 2018
- Lead Investors: Social Capital, Tribe Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand SFOX's position as a prime dealer for institutional investors and build out the infrastructure to become a premier institutional crypto asset management platform.
Total Amount Raised: $23.12M
Current Valuation: Not publicly disclosed
Key Investors
- Social Capital
- Details: Founded in 2011, Social Capital aims to advance humanity by solving the world's hardest problems. It provides capital, insights, and tools to empower entrepreneurs with a positive impact on people's lives.
- Investment Focus Areas: Healthcare, education, financial services, technology.
- Notable Investments: Slack, SurveyMonkey, Box.
- Tribe Capital
- Details: Tribe Capital is a global venture capital investment firm focused on Internet and software investments. It leverages data and technology to partner with founders solving hard problems.
- Investment Focus Areas: Internet, software, technology.
- Notable Investments: Carta, Bolt, Relativity Space.
- Y Combinator
- Details: Y Combinator is a startup accelerator that has funded over 2,000 startups since 2005. It provides seed funding, advice, and connections to help startups grow.
- Investment Focus Areas: Technology, software, consumer products.
- Notable Investments: Airbnb, Dropbox, Reddit.
- Khosla Ventures
- Details: Founded by Vinod Khosla, Khosla Ventures provides venture assistance and strategic advice to entrepreneurs working on breakthrough technologies.
- Investment Focus Areas: Clean technology, healthcare, internet, mobile.
- Notable Investments: Square, DoorDash, Impossible Foods.
- Blockchain Capital
- Details: Blockchain Capital is a venture capital firm focused exclusively on the blockchain technology sector. It aims to help entrepreneurs build world-class companies and projects based on blockchain technology.
- Investment Focus Areas: Blockchain, cryptocurrency, fintech.
- Notable Investments: Coinbase, Ripple, Kraken.
What's Next for SFOX?
As SFOX looks to the future, the opportunities are vast. The company aims to expand beyond its current role as a prime dealer to become a premier institutional crypto asset management platform. This includes developing advanced security and risk management products, building additional infrastructure, and obtaining licenses to access new markets. With over $9 billion in transaction volume and a rapidly growing client base, the potential for growth is significant.
Future fundraising opportunities are likely, given the successful Series A round and the ambitious expansion plans. However, SFOX will face challenges such as navigating the fragmented and volatile cryptocurrency market, ensuring liquidity, and meeting the advanced security needs of institutional investors. Despite these hurdles, the company's strategic vision and robust platform position it well for continued success in the evolving crypto landscape.
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