- Amber has opted to delay its Series B fundraising and go through with its Series C funding.
- As of the round’s midpoint in December 2022, Amber had collected $50 million.
The blockchain-focused venture capital firm Fenbushi Capital US has led Amber group’s new $300 million Series C investment round, the business announced on Twitter on December 15. As a result of the FTX collapse, Amber has opted to delay its Series B fundraising. And go through with its Series C funding instead.
Amber had been close to completing a Series B extension at a $3 billion value before the FTX catastrophe. According to prior reports, the firm intended to seek $100 million as part of the Series B fundraising, with the deal expected to be completed by January 2023. As of the round’s midpoint in December 2022, Amber had collected $50 million.
Desperate Funding Post FTX Fall
Moreover, Amber said it plans to use the most recent infusion of capital from Fenbushi to compensate for “significant drawdowns” in several of its products after the FTX collapse.
Amber said that the company’s decision to shift its fundraising approach and reduce resources allocated to mass consumer initiatives and “non-essential business lines” was prompted by this reality. Because of this, Amber has canceled its expansion into Europe and the United States, as well as other metaverse-related initiatives.
Moreover, the firm acknowledged that it had to lay off some staff because of the FTX outbreak. There were reports that between September and December of 2022, Amber fired more than 40 percent of its workforce.
Amber hasn’t given up on its acquisition goals despite abandoning growth plans and cutting workers. Amber bought Sparrow Holdings, a cryptocurrency exchange based in Singapore, on December 14 for a sum that was not revealed.
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