Amber Group Closes US$300M Funding Round

Singapore-based Amber Group is still making moves despite recent rumours of insolvency, with the Temasek-backed firm completing a US$300 million Series C funding round.

According to a Twitter post on Friday, the round was led by Fenbushi Capital US, with participation from “other crypto-native investors and family offices”.

1) Today, we’re announcing that Amber Group has completed a $300M Series-C round, led by Fenbushi Capital US and joined by other crypto-native investors and family offices.
— Amber Group (@ambergroup_io) December 16, 2022

Last month, Bloomberg reported that Amber, which has also been backed by Sequoia China and Tiger Global Management, was seeking to raise over US$100 million at a US$3 billion dollar valuation.

Amber appeared to confirm the report, stating that the prior to the collapse of FTX, the company was in the process of completing an extension to its Series B+ at a US$3 billion valuation in preparation for a “potentially prolonged crypto winter.” Post FTX’s collapse, the firm decided to pause the partial closing and moved forward with a Series C.

Amber also noted that moving forward, it will be focused on its client base of institutional and high-net-worth investors.

On Wednesday, it was reported that the company acquired crypto options trading platform Sparrow. The acquisition happened on November 29, regulatory records in Singapore showed, The Business Times reported.

The acquisition comes amid troubled times for Amber Group, with the company facing allegations of a potential insolvency just days after the death of its 30-year-old co-founder Tiantian Kullander.

The firm recently laid off hundreds of employees, with the headcount at some of its teams being cut by 50%. Amber had previously cut 30–40% of its overall headcount in September.