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ZenGo Seeks to Raise $10 Million in A Series of Deferred Financing

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It is reported that ZenGo, a cryptocurrency wallet provider, is raising funds in the A series of deferred financing. According to a promotional material obtain…

ZenGo Seeks to Raise $10 Million in A Series of Deferred Financing

It is reported that ZenGo, a cryptocurrency wallet provider, is raising funds in the A series of deferred financing. According to a promotional material obtained by The Block, ZenGo hopes to raise US $10 million through convertible notes before the full round B financing later this year. The valuation of the A round of deferred financing is US $100 million, which is the same as the valuation of ZenGo’s A round of financing two years ago. ZenGo obtained a round A financing of US $20 million from investors including Insight Partners, Austin Rief Ventures and Samsung Next in April 2021.

Encrypted wallet ZenGo completed $10 million round A expansion financing

Interpretation of the news:


ZenGo, a cryptocurrency wallet provider, has set its sights on raising $10 million through convertible notes in its A series of deferred financing round. This is to precede the full round B financing that is expected later in the year. According to a promotional material obtained by The Block, ZenGo hopes to close the A round of deferred financing at a valuation of $100 million – the same valuation the company secured in its A round of financing two years ago.

The move towards deferred financing isn’t new in the cryptocurrency industry. Many companies in the space, especially those in their early stages, rely on this type of funding to gain access to capital without diluting their equity early on. Deferred financing offers investors the chance to convert their investment into equity at a future date, often at a discounted price. In ZenGo’s case, the convertible notes will have a conversion discount of up to 20%, which could be an attractive incentive for investors looking to get in on the ground floor.

The $10 million ZenGo is looking to raise is significant, especially when compared to the $20 million it raised in its A round of financing in April 2021. That round was backed by investors like Insight Partners, Austin Rief Ventures, and Samsung Next. The fact that these investors are opting to participate in this new round indicates that they have confidence in ZenGo’s vision and strategy. The additional capital will give ZenGo the necessary runway to continue driving innovation in the cryptocurrency wallet space.

It is worth noting that ZenGo’s approach to cryptocurrency wallets is unique. Instead of relying on private keys, it is harnessing the power of biometric authentication to secure transactions. This approach aims to make the experience of using cryptocurrency more user-friendly and is a part of ZenGo’s broader mission of “bringing crypto to the masses.” With the additional capital, ZenGo will be well-positioned to execute on its vision and bring its innovative technology to more users.

In conclusion, ZenGo’s A series of deferred financing shows that the company is committed to raising the capital it needs to execute on its strategy. The fact that it has secured the backing of significant investors from its previous round of funding underscores the confidence stakeholders have in the company’s vision. ZenGo’s unique approach to cryptocurrency wallets and security has the potential to reshape the landscape of the space, and the additional capital could help it realize this goal sooner rather than later.

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