Quick Take
- Goldman Sachs, Barclays and CommerzVentures invested in the Series A round alongside venture capital firms.
- Elwood is a trading platform that helps institutions access crypto markets.
Elwood Technologies, a crypto firm owned by Alan Howard, this morning announced a $70 million Series A round co-led by Goldman Sachs and Dawn Capital.
Elwood is a crypto-focused market access and trading platform serving fintech firms, asset managers and other institutional investors. It offers a range of services including connectivity with various trading venues through an API, execution and reporting and analytics.
Howard set up Elwood in 2018. Its early work focused on building indices to offer investors exposure to blockchain and crypto. The Block then revealed last June that the business had pivoted to focus on software.
James Stickland, CEO of Elwood Technologies, said in a statement that the company had been “established to meet the needs of institutions seeking to secure exposure to digital assets.
“We have entered a new chapter in Elwood’s journey and continue to expand our capabilities, enabling our institutional clients to provide their users with improved access to digital assets,” he added.
Mathew McDermott, global head of digital assets at Goldman Sachs, said in a statement: “As institutional demand for cryptocurrency rises, we have been actively broadening our market presence and capabilities to cater for client demand.”
In addition to lead investors Goldman and Dawn, the Series A round was joined by Barclays, BlockFi Ventures, Chimera Ventures, CommerzVentures, Digital Currency Group, Flow Traders and Galaxy Digital Ventures.
The company will use the cash to expand its products and to grow internationally.
Howard, former CEO of the hedge fund Brevan Howard, is Elwood’s majority shareholder. Since late 2020, Howard has been investing heavily in the crypto sector, backing dozens of startups and setting up businesses. He launched BH Digital, a crypto-focused division of the hedge fund he founded, earlier this year.
