# Wintermute Trading

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/wintermute-trading

- Industry: Financial Services
- Headquarters: London, UK
- Website: www.wintermute.com/
- Total disclosed funding: $24M
- Latest round: Series B (Dec 11, 2020)
- Investors on record: 10

## About

Based in the UK, Wintermute Trading Ltd is a leading provider of digital asset liquidity solutions, specializing in over-the-counter trading and algorithmic trading services for institutional clients and high-net-worth individuals across various markets.Founded in 2017 in London, UK, Wintermute Trading Ltd focuses on liquidity provision for digital assets. The company was co-founded by Evgeny Gaevoy, who previously had experience in the financial sector. Wintermute has successfully raised GBP 15 million in Series B funding on December 11, 2020, led by Lightspeed Venture Partners, bringing its total amount raised to GBP 15 million and current valuation to GBP 128.77 million. The company has executed four deals to date.Wintermute specializes in providing comprehensive liquidity solutions for digital assets, focusing on over-the-counter (OTC) trading and algorithmic trading. Their primary service offerings include spot trading, options, bespoke structures, forwards, and contracts for difference (CFDs), tailored to meet the specific needs of institutional clients and high-net-worth individuals across North America, Europe, and Asia. Wintermute's OTC desk operates at the source of liquidity, enabling clients to trade a wide range of tokens with deep liquidity and minimal market impact, serving top-tier protocols in decentralized finance (DeFi) and institutional investors.In 2023, Wintermute generated revenue of GBP 112,475,000 and recorded an EBITDA of GBP 65,351,000. The company primarily earns revenue through transaction fees associated with its trading services, executing trades through a B2B model tailored to market conditions and specific asset classes.The recent Series B funding will support Wintermute's plans for growth, including the expansion of its product offerings and market presence. The company aims to introduce new digital asset trading products by late 2024 and expand its operations into Asia-Pacific regions, enhancing its liquidity solutions. The Series B financing, raised with participation from notable investors, positions Wintermute at GBP 128.77 million post-money.

## Funding rounds

- Series B, Dec 11, 2020, $20M — Lightspeed Venture Partners, Rockaway, Pantera Capital, Hack VC, Kenetic Capital, Sino Capital, Blockchain.com, Avon Ventures, Alliance
- Series A, Jul 4, 2020, $3.9M — Lightspeed Venture Partners
- Seed, Feb 10, 2020 — FBG Capital, Blockchain.com

## Investors

- FBG Capital — Seed
- Blockchain.com — Seed, Series B
- Lightspeed Venture Partners (https://capitalatlas.ai/funds/lightspeed-venture-partners) — Series A, Series B
- Rockaway (https://capitalatlas.ai/funds/rockaway) — Series B
- Pantera Capital (https://capitalatlas.ai/funds/pantera-capital) — Series B
- Hack VC (https://capitalatlas.ai/funds/hack-vc) — Series B
- Kenetic Capital (https://capitalatlas.ai/funds/kenetic-capital) — Series B
- Sino Capital (https://capitalatlas.ai/funds/sino-capital) — Series B
- Avon Ventures (https://capitalatlas.ai/funds/avon-ventures) — Series B
- Alliance (https://capitalatlas.ai/funds/alliance) — Series B