Total amount raised
$268 Millions
Latest funding date
Location
Phantom has successfully navigated multiple funding rounds, securing significant investments to bolster its position in the cryptocurrency wallet market. The platform offers a comprehensive suite of features designed to cater to both novice and experienced crypto users.
Continue reading to delve into the details of Phantom's funding journey and the investors who are backing this innovative platform.
What Is Phantom?
Phantom is a cryptocurrency wallet platform designed to offer a secure and user-friendly experience for managing digital assets. Founded in 2021, the company is headquartered in San Francisco, California.
The platform was created by Brandon Millman, Chris Kalani, and Francesco Agosti, who aimed to simplify the complexities of crypto transactions. Phantom supports multiple chains and NFT marketplaces, making it a versatile tool for both novice and experienced users.
With a growing team, Phantom continues to innovate and expand its offerings, ensuring robust security and privacy for its users. The company is trusted by millions and is dedicated to providing top-notch support and features.
How Much Funding Has Phantom Raised?
- Series A
- Amount Raised: $9M
- Date: July 2021
- Lead Investors: Andreessen Horowitz
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support initial growth and development of the platform.
- Series B
- Amount Raised: $109M
- Date: January 2022
- Lead Investors: Paradigm
- Valuation at Round: $1.2 billion
- Motivation Behind the Round: To scale operations and enhance platform features.
- Series C
- Amount Raised: $150M
- Date: January 2025
- Lead Investors: Sequoia Capital, Paradigm
- Valuation at Round: $3 billion
- Motivation Behind the Round: To accelerate crypto adoption, modernize consumer finance, and invest in social discovery features and peer-to-peer payments.
Phantom has raised a total of $268M with a current valuation of $3 billion.
Key Investors
- Sequoia Capital
- Details: Sequoia Capital is a venture capital firm that has been investing in companies since 1972. It is known for backing some of the most successful technology companies in the world.
- Investment Focus Areas: Technology, healthcare, consumer, financial services.
- Notable Investments: Apple, Google, Oracle, PayPal, LinkedIn, WhatsApp.
- Paradigm
- Details: Paradigm is a venture capital firm focused on supporting the next generation of cryptocurrency and blockchain companies. It was founded by Fred Ehrsam and Matt Huang.
- Investment Focus Areas: Cryptocurrency, blockchain technology.
- Notable Investments: Coinbase, Uniswap, FTX, Chainalysis.
- Andreessen Horowitz (a16z)
- Details: Andreessen Horowitz, also known as a16z, is a private venture capital firm founded in 2009 by Marc Andreessen and Ben Horowitz. It invests in both early-stage startups and established growth companies.
- Investment Focus Areas: Technology, social media, e-commerce, cryptocurrency.
- Notable Investments: Facebook, Twitter, Airbnb, Lyft, Coinbase.
- Variant
- Details: Variant is a venture capital firm that focuses on investing in decentralized finance (DeFi) and Web3 projects. It aims to support the development of a more open and equitable internet.
- Investment Focus Areas: Decentralized finance (DeFi), Web3.
- Notable Investments: Uniswap, Compound, Aave.
- Variant
- Details: Variant is a venture capital firm that focuses on investing in decentralized finance (DeFi) and Web3 projects. It aims to support the development of a more open and equitable internet.
- Investment Focus Areas: Decentralized finance (DeFi), Web3.
- Notable Investments: Uniswap, Compound, Aave.
What's Next for Phantom?
Phantom is poised to capitalize on several significant opportunities in the cryptocurrency space. With plans to launch social discovery features and simplify peer-to-peer payments, the platform aims to enhance user engagement and broaden its appeal. The integration of the Sui blockchain and expansion of non-custodial services for NFTs further solidify its position as a versatile and secure digital asset manager.
Given its impressive growth metrics, including 15 million monthly active users and $20 billion in annual swap volume, Phantom is well-positioned for future fundraising. The recent $150 million Series C round, which brought its valuation to $3 billion, suggests strong investor confidence and potential for additional funding rounds to support ongoing innovation and expansion.
However, Phantom faces challenges such as competition from established players like Coinbase Wallet and MetaMask, market volatility, and regulatory changes. Ensuring robust security and maintaining user trust will be crucial as the platform scales. Despite these hurdles, Phantom's strategic vision and recent funding position it well for continued growth and success in the evolving crypto landscape.
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