Bitcoin buying app Swan has raised $6 million in a Series A funding round co-led by Mimesis Capital and Ten31 on a $90 million pre-money valuation, the company said in a statement on Monday. Swan, which to date has raised $8.5 million in total, also added investment strategist Lyn Alden to its board of directors.
“Our commitment to Bitcoin gives us a huge advantage in the marketplace,” said Cory Klippsten, Swan’s CEO. “Our investors see the Swan difference: our depth of knowledge about Bitcoin and the premium service we offer to all customers. The future of Bitcoin is bright and Swan is extremely well positioned for continued growth.”
Xoogler Fund, Plan B Ventures, Lightning Ventures, and HCM Capital also participated in the round. Angels include Blockstream CEO Austin Hill, Dan Matuszewski of CSM Holdings, and professional athletes Baron Davis, C.J. Wilson, and Matthew Dellavedova.
Swan seeks to reduce friction in the bitcoin purchasing process by enabling automatic recurring and instant buys for U.S. and international investors. According to the statement, the company is “exploring plans for growth equity funding in the near future” and aims to be listed on the Nasdaq by 2024. Swan will invest the round’s proceeds into marketing and new product development strategies.
“Major initiatives include the Swan App launch, international expansion of Private Client Services, the launch of Advisor Services (led by wealth manager and Why Buy Bitcoin author Andy Edstrom), and continued development of Bitcoiner community projects like BitcoinerJobs.co and the upcoming Bitcoiner Events,” per the statement.
