Stockholm-based index provider specialised in crypto assets Vinter has added $3.4 million to its seed funding round. The new capital will be used to further bolster the team numbers, particularly in the areas of backend development and data engineering. Since 2019, the company has raised a total of $4.5 million.
With the SEC authorising cryptocurrency exchange traded funds (EFTs) back in October of last year, what had been an already active marketplace, shifted into high gear. With this move, fully regulated providers were thus allowed to provide investors and institutions direct access to asset classes via managed funds. And in doing so, we’ve seen a landslide of activity, as even some of the most traditionally conservative and cautious investors now had that needed seal of approval, i.e. the ability to avoid the unnecessary risk of loosely regulated online trading platforms.
"A year ago the industry was in its infancy, but with continued growth in the asset class, combined with interest from institutions, the market is maturing,” commented Vinter CEO Jacob Lindberg. “We named Vinter as such because we founded the company during the crypto winter, but today experience continued and rapid development. We focused on crypto since the beginning which has meant that we’re able to build indexes that no one else can. This gives our partner ETP and ETF issuers a competitive advantage.”
Vinter’s additional $3.4 million in seed funding was led by Octopus Ventures, with participation from the Ricketts family office, D4 Ventures, Pfeffer Capital, and included angel investors Gokul Rajaram, Marc Powers, and David Chreng-Messembourg, jumping on board.
“We see a huge appetite within crypto for professionalisation and integration into the existing institutional ecosystem, and Vinter is creating innovative products to make it easier and safer to execute on investment strategies in crypto assets. Jacob, Marco and Håkan combine a special set of skills with incredible ambition that will put them at the forefront of institutionalising the crypto ETF sector, and help onboard the next trillion dollars,” concludes Octopus Ventures’ Zihao Xu.