Tesseract closes “heavily oversubscribed” Series A on $25m

Tesseract has closed its “heavily oversubscribed” Series A funding round on $25m, with Augmentum Fintech serving as the lead investor.

Other commitments came from BlackFin Capital Partners, Concentric, DN Capital, Jabre Capital Partners Family Office, LeadBlock Partners, Icebreaker.vc and Sapphire Ventures. Also joining the round were industry participants, such as Coinbase Ventures, Wintermute and Woorton.

Finally, several unnamed local and international investors and strategic angels committed to the round.

With the burst of funds, the FinTech hopes to deepen its development efforts, hire more staff and establish new partnerships. Capital will also help Tesseract develop its cross-trading venue margin lending platform, which has seen a boost in adoption over the past year.

Tesseract provides digital asset lending solutions to institutional clients, including hedge funds and retail trading platforms. Its product suite includes margin lending, OTC lending, partnerships with retail trading platforms and decentralised finance.

Augmentum Fintech partner Martyn Holman said, “We are witnessing wholesale changes in the infrastructure supporting the crypto space as it evolves to the demands of increasing institutional activity. Following the separation of custody and trading in the first waves of evolution, Tesseract is addressing the next fundamental need in a space that has limited leverage capabilities.

“Yichen, Ilkka and their exceptional team have already grown a strong and profitable foundation with an outstanding product, a clear vision and a voracious will to win. We are all very excited to be joining them on this journey.”

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