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ZenGo seeks $10 million through deferred funding round ahead of full Series B financing

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It is reported that ZenGo, a cryptocurrency wallet provider, is raising funds in the A series of deferred financing. According to a promotional material obtain…

ZenGo seeks $10 million through deferred funding round ahead of full Series B financing

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

Interpretation of the news:


ZenGo, a cryptocurrency wallet provider, has revealed plans to raise $10 million through convertible notes as part of a deferred funding round ahead of a full Series B financing later in the year. The move comes just months after the company secured $20 million in Series A funding from Insight Partners, Austin Rief Ventures, and Samsung Next.

According to promotional material obtained by The Block, ZenGo’s deferred funding round will have a valuation of $100 million – the same as the valuation of its Series A funding round two years ago. This means that investors who participate in the deferred funding round will effectively be buying into ZenGo at the same price as its previous investors did.

One key aspect of the deferred funding round is that it allows ZenGo to raise capital without diluting the ownership stake of its existing investors. This is because the convertible notes can eventually be converted into equity, but not until the full Series B financing round takes place later in the year. This gives ZenGo time to continue growing its business and generating more value before issuing new equity.

The fact that ZenGo is seeking additional funding so soon after its Series A round suggests that the company is experiencing strong demand for its cryptocurrency wallet product. This is perhaps not surprising given the increasing mainstream adoption of cryptocurrencies in recent years, which has created a growing need for secure and user-friendly wallet solutions.

Overall, ZenGo’s decision to pursue a deferred funding round ahead of a full Series B financing appears to be a smart move that will allow the company to continue growing while protecting the ownership rights of its existing investors. It will be interesting to see how the company uses the additional funding to further enhance its cryptocurrency wallet product and expand its market reach.

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