Amber Group has raised $300M mainly for customer losses resulted by FTX’s collapse, a new Series C round led by venture capital firm Fenbushi Capital US. According to co-founder and Chief Executive Officer Michael Wu, the valuation is lower than the $3B achieved in February, while an exact number is not given.
The company is cutting costs as it goes back to its roots of only supporting institutional and wealthier clients, according to Wu. He said Amber’s workforce will shrink to around 300 people, which was the size of its headcount at the end of 2020 and early 2021.
In February 2022, Amber Group attained a financing of $200M at a valuation of $3B. Temasek, Sequoia China, Pantera Capital and Tiger Global Management participated in the investment.