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Digital asset trading technology firm Crossover Markets Raises $12 Million Series A Funding Round Led by Illuminate Financial and DRW Venture Capital

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Crossover to use proceeds to expand its role as the leading ECN in digital assets and bring 24/7 trading to additional asset classes

LONDON, June 26, 2024Crossover Markets, a digital asset technology firm focused on meeting the unique liquidity requirements of institutions, today announced that it has raised $12 million in its Series A funding round led by Illuminate Financial (Illuminate) and DRW Venture Capital (DRW VC). Illuminate and DRW VC join a growing list of strategic investors that includes institutions such as Flow Traders, Laser Digital, Two Sigma, Wintermute, and retail brokers such as Exness, Gate.ioGMO, Pepperstone, Trademax and Think Markets.

“This fundraise comes at a time when institutional market structure is changing in digital assets,” said Brandon Mulvihill, Co-Founder and CEO of Crossover Markets. “Prime brokerage and central clearing models are advancing, creating fungibility and exposing execution venues that hold clients captive. We are honored to welcome strategic shareholders who share our vision and passion to create the world’s leading execution-only trading venue for digital assets. Illuminate brings enormous depth of knowledge across the institutional landscape, and DRW adds significant expertise as one of the largest, multi-asset market makers in the world.”

“Illuminate Financial has been building out a portfolio of institutional grade digital assets infrastructure companies since 2019 as part of our thesis around the convergence of traditional finance and digital asset market structure,” said Mark Beeston, Founder and Managing Partner, Illuminate Financial. “Crossover adds best-in-class execution capability to that portfolio, serving both the immediate and long-term needs of financial institutions that wish to trade digital assets with a future-proof 24/7 low latency infrastructure that traditional markets are increasingly moving towards.”

“DRW VC has a proven track record of supporting early-stage companies committed to delivering market structure innovations both in the traditional and crypto markets,” said Kim Trautmann, Partner at DRW Venture Capital. “Crossover Markets was a natural fit for our portfolio, and we’re excited to support its experienced management team to deliver a best-in-class technology solution for digital asset trading that delivers superior execution while minimizing counterparty risk.”

Crossover also announced the addition of new Board Members. Mark Beeston, Founder and Managing Partner of Illuminate Financial, will join Crossover’s board of directors along with Kevin Wolf, CFO at American Financial Exchange and former CEO of Euronext FX.

Mulvihill added, “Digital assets market structure is experiencing a pivotal change driven by institutional needs and activity. Simultaneously, we are witnessing the early-stage emergence of discussions around 24/7 trading across traditional asset classes. CROSSx is designed to be among the fastest, highest-performance venues in any asset class. More specifically, we developed the platform to bring 24/7 trading, price precision and size precision characteristics to traditional markets where technology is lagging in such areas. Bolstering governance and broadening corporate strategy to address the needs of clients in this evolving landscape were atop our agenda when thinking about Board expansion. Mark and Kevin bring a wealth of experience that spans equities, fixed income, FX, and digital. We are elated to add dynamic leadership by welcoming Mark and Kevin to Crossover.”

Crossover Markets is best known for its execution-only electronic communication network (ECN), CROSSx, an institutional trading venue for digital assets. Its ultra-low-latency and quote-driven matching technology, combined with tailored liquidity and smart order routing, make it a destination for more competitive prices and overall lower trading costs.

Crossover Markets recently reported over $3.15 billion (USD) in notional trading value, 415,450 trades, and over 141 billion quotes processed on CROSSx in Q1 2024. With the added funding, Crossover Markets will continue to invest in its team and technology, further strengthening its position in the market.

About Crossover Markets

Crossover Markets is a digital asset trading technology firm focused on meeting the unique liquidity requirements of institutions in the cryptocurrency markets. CROSSx, the company’s execution-only cryptocurrency Electronic Communication Network (ECN), is powered by the industry’s fastest and most advanced matching engine and includes order logic that enables clients to choose with whom they want to trade. Led by a team with decades of FX trading, prime brokerage technology and artificial intelligence experience, Crossover is ushering the next big wave of institutions in the crypto market.

Funding

Norwest Venture Partners backed Celebal Tech raises Debt from BlackSoil

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Celebal Technologies debt from blacksoil

Celebal Technologies, a leading IT services provider backed by Norwest Venture Partners, has announced that it has raised debt from alternative credit platform BlackSoil. The amount of the same remains undisclosed. 

This latest capital infusion will be used for working capital and general corporate purposes. It will enable Celebal Technologies to serve its 200+ client base better and deepen its market penetration worldwide.

In 2022, Celebal Technologies raised $32M in its first institutional fundraising from marque investor Norwest Venture Partners – a global venture and growth equity investment firm, managing $15+ Bn in capital as on date.

Headquartered in Jaipur and co-founded in 2016 by Anupam Gupta and Anirudh Kala, Celebal Technologies specialises in Data Science, AI, and Enterprise Cloud Solutions. The Company has become a dominant force in the IT sector, assisting its extensive clientele with improving business efficiencies and providing tailored solutions primarily in data engineering, cloud innovation, supply chain analytics, and AI-driven chatbots.

Commenting on the same, Ankur Bansal, Co-Founder and Director of BlackSoil, said, “As a forward-thinking enterprise poised for significant growth, Celebal Technologies is uniquely positioned to lead in the AI sector globally. With their strategic partnership with industry giants Microsoft and & Databricks, they are set to revolutionise the market with cutting-edge solutions. Starting in a Tier II city, the journey of Celebal Technologies is a beacon of inspiration. We are thrilled to support their global expansion ambition and are confident in their potential for long-term success.”

Celebal Technologies has demonstrated exceptional growth, achieving an annual growth rate (CAGR) of approximately 105% from FY21 to FY24. During this period, the number of employees grew from 300+ to 2,300+. This extraordinary growth course is bolstered by strategic partnerships with industry giants such as Microsoft and Databricks, fuelling Celebal Technologies’ drive to innovate and expand its client base effectively.

Hemant Mathur, CFO Celebal Technologies said, “This debt financing from BlackSoil is tailored to our unique needs. Providing us flexibility to seize market growth opportunities while limiting short-term volatility in our cash flows without diluting equity or ownership control”.

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Funding

Insure Tech platform Amplify Life Insurance secures $20M Series B funding to offer tax-efficient financial wellness to an underserved market

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amplify funding

SAN FRANCISCO, June 18, 2024 — Amplify Life Insurance, a leading digital platform revolutionizing wealth-building through permanent life insurance, announced today it has secured $20M in a Series B funding round co-led by Crosslink Capital and Anthemis. New investors Moneta Ventures and Evolution Ventures joined the round, with continued support from existing investors Greycroft, Munich Re Ventures, and Foxe Capital.

Founded in 2019, Amplify enables customers to build tax-efficient wealth through life insurance premiums, providing access to the policy’s cash value for any purpose while alive. By focusing on a customer-first experience, Amplify transforms the traditional life insurance model, making valuable permanent life insurance accessible to a broader market, including businesses seeking tax-efficient cash management solutions.

With the capital infusion, Amplify will soon be launching the first in a suite of proprietary products tailored to what customers actually want; these products will not only offer a customer-centric experience, but also strengthen unit economics. The company will also be reinforcing its commitment to strategic work in B2B channels.

Additionally, Amplify has welcomed two new Board Members to help fuel the upcoming growth and development: Michelle Cheung, prior CFO of Next Insurance, and Mark Williamson, prior COO of Masterclass.

“Our unique  approach provides customers with a simple, digital experience while offering more transparent and liquid life insurance wealth products catered towards a younger mass affluent market looking to build long term tax efficient wealth while protecting their families and assets,” said Hanna Wu, founder and CEO of Amplify. “Our expansion highlights the growing demand for innovative and tax-efficient financial solutions that prioritize customer needs and foster flexible long term wealth accumulation.”

“Amplify is disproving the notion that permanent life insurance can only be sold through the traditional agent channel,” said Amy Nauiokas, Founder and CEO at Anthemis. “We believe Amplify is connecting and strengthening the entirety of the life insurance value chain, offering direct access to a previously underserved customer segment.”

“Investing in Amplify represents our confidence in the team’s continued ability to democratize an asset class traditionally available only to the wealthy, making it accessible to underserved younger generations,” said Adoram Gaash, Managing Partner of Moneta VC.

Since its Series A funding, Amplify has achieved 200% YOY growth. The company has also developed a proprietary machine learning model for accurate customer lifetime value prediction and ranking; this advanced customer acquisition algorithm has enabled the acquisition of high-value customers, resulting in significantly higher average premiums per policy compared to industry norms. With end-to-end data capture, Amplify can better manage unit economics and focus on efficiencies in the sales funnel.

About Amplify Life Insurance

Amplify is the first digital permanent life insurance platform offering customers direct access to products where you access tax-efficient investment returns and obtain lifelong protection. It’s founded by serial entrepreneurs with industry and technology expertise looking to modernize the $70B permanent life insurance industry. Amplify provides an AI-enabled educational journey, product recommendation and quoting, and real-time pre-underwriting to help customers learn about plans and customize a policy for their needs. Founded in 2019, Amplify aims to help customers achieve health and financial wellness. Based in the San Francisco Bay Area, Amplify is open to all 50 states and has served thousands of customers.

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Funding

Climate-smart Deeptech Company Ecozen Raises $30 M

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Ecozen, a leader in climate-smart technology solutions, announced that it has raised USD 30 million in a mix of debt and equity. This infusion of capital includes continued support from Nuveen and other existing equity investors, and new debt support from InCred Credit Fund and the U.S. International Development Finance Corporation (DFC) through Ecozen’s exclusive advisor Setuka Partners LLP.

The latest round of funding will be used to cater to the growing demand for Ecozen’s innovative products and to further its commitment to climate-smart technology. The company has grown 5X over the last two years, with profits growing 3X as well. Ecozen anticipates doubling its revenue in the current fiscal year, buoyed by strong demand for existing products and plans to leverage its tech stack of advanced motors and controls, thermal energy storage, AI and IoT to enter new segments undergoing a transition to cleaner energy sources. These solutions will decarbonise sectors like milling, mobility, retail and industry, just as the company’s pumping and cooling solutions did for agriculture. The company is also set to meaningfully expand its offerings and market presence into Africa and Southeast Asia.

Ecozen has made solar-powered systems a viable solution for small and marginal farmers in India. Over the past decade, its pioneering products – Ecotron and Ecofrost – have transformed the agricultural irrigation and cold chain industries respectively. Utilising advanced motor controls, IoT, and energy storage technologies, these modular, clean energy innovations have not only boosted the incomes of over 180,000 farmers but have also cut greenhouse gas emissions by 2 million tonnes and prevented more than 50,000 metric tons of food loss. 

“Ecozen is on an accelerated growth path, driven by the increased market demand for our pioneering climate-smart solutions,” said Devendra Gupta, CEO and Co-Founder of Ecozen. “The capital raised will enable us to scale our operations and deepen our market penetration in domestic and international territories. We are committed to empowering customers and expediting the transition to climate-smart technologies on a global scale. I thank our investors, Nuveen and other existing equity investors, for their continued support which will help us cater to the present opportunity. We are also happy to have institutions like the DFC and InCred partner with us in our journey of catalysing climate-smart solutions for agriculture and other key sectors in the future.”

“Supporting companies like Ecozen aligns perfectly with Nuveen’s commitment to invest in businesses that have a profound impact on climate change mitigation and resilience,” said Rekha Unnithan, Managing Director and Head of Private Equity Impact Investing at Nuveen. “Ecozen’s continued growth and innovation exemplify the type of transformative impact we aim to achieve through our investments, paving the way for a sustainable and inclusive low-carbon economy.”

“We like Ecozen’s proven product and execution track record, and the way it has transformed the lives of farmers in India. With the government of India’s push on sustainable, climate friendly initiatives, we feel the company is poised for profitable growth,” said Saurabh Jhalaria, CIO – Alternative Credit Strategies at Incred Alternative Investments. “The opportunity in India and other developing markets is huge and we are excited to partner with Ecozen in its growth journey. The investment ties up well with our fund’s thesis on innovative cleantech solutions that can reach the masses.”

“DFC is pleased to be supporting an innovative and impactful project with Ecozen that aligns with our priorities of investing in climate adaptation solutions and improving agricultural productivity. This is a highly significant transaction that will improve production, reduce food loss, and decrease emissions in India,” said James Polan, DFC’s Vice President of Health & Agribusiness.

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About Ecozen:

Ecozen develops climate-smart deeptech solutions and core technology stacks to deliver a sustainable future, including motor controls, IoT, and energy storage. For more information, please visit www.ecozensolutions.com.

About Nuveen:

Nuveen, the investment manager of TIAA, offers a comprehensive range of outcome-focused investment solutions designed to secure the long-term financial goals of institutional and individual investors. Nuveen has $1.2 trillion in assets under management as of 31 March 2024 and operations in 32 countries. Its investment specialists offer deep expertise across a comprehensive range of traditional and alternative investments through a wide array of vehicles and customised strategies.

About U.S. International Development Finance Corporation (DFC):

The U.S. International Development Finance Corporation (DFC) is the U.S. Government’s development finance institution. DFC partners with the private sector to finance solutions to the most critical challenges facing the developing world today. DFC invests across sectors including energy, healthcare, infrastructure, agriculture, and small business and financial services. DFC investments adhere to high standards and respect the environment, human rights, and worker rights. 

About Incred:

InCred Alternative Investments manages strategies including private credit, absolute return, hedge fund and private equity. Its private credit strategy manages more than Rs 1,000cr across two of its funds. The credit funds invest across high growth sectors, namely financial institutions & platforms, B2B, consumer, cleantech, healthcare and industrials.

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