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Switzerland’s largest crypto unicorn: 21.co bags $25M at $2B valuation

21.co
Image credits: 21.co

21.co, a Zurich-based parent company of crypto investment firm 21Shares, has secured $25M in a funding round led by Marshall Wace, valuing the company up to $2B. Other investors participating in the round include Collab+Currency, Quiet Ventures, ETFS Capital, and Valor Equity Partners.

The funds will enable 21.co to drive rapid, targeted growth through first-of-their-kind products, key market expansions, and strategic talent acquisitions. 

In addition to funding, the company also announced its new parent company, 21.co. Its largest subsidiary, 21Shares, is the world’s largest issuer of cryptocurrency exchange-traded products (ETPs) using its proprietary platform Onyx, which is used to issue and operate crypto ETPs for the company and third parties.

 Bridging crypto world

Founded in 2018 by Ophelia Snyder and Hany Rashwan, 21.co was founded to build bridges into the crypto world. 

The company provides investors with crypto exchange-traded products (ETPs), the broadest token solutions, a decentralized software platform to create, list, and manage ETPs globally, and more forward-thinking solutions. 

The company ended 2021 on a nine-figure revenue run rate and has seen sustained inflows, even during down markets. From September 2021 to September 2022, the Swiss company claims to have recorded over $650M in net new assets and hit its peak AUM at $3B in November 2021. 

To support this rapid business growth, 21.co grew its headcount 75% during this period.

“My co-founder, Ophelia, and I set out with a simple mission to make crypto more accessible,” said Hany Rashwan, CEO and Co-Founder at 21.co. “Now, we’re the highest valued and largest tech startup in Switzerland – and we’re still only in the early days. 21.co remains committed to building innovative products that meet investor demand as this asset class continues to gain rapid momentum.”

“The success 21.co has experienced over the past four years is truly amazing,” said Ophelia Snyder, President and Co-Founder at 21.co. “We have built an incredibly diverse team, with some of the brightest minds in crypto, and brought on best-in-class investors. However, our drive to revolutionize the crypto world and build bridges into the asset class is just getting started.”

“At Marshall Wace, our culture is built around innovation – and we saw an immediate alignment of values when meeting with the team at 21.co. 21co is a first-mover in the crypto industry: the company is focused on growth and committed to bringing new and innovative products to investors across markets – in a secure, accessible way,” said Amit Rajpal, Partner, and CEO Asia at Marshall Wace. “Even amid crypto winter, MW believes that 21.co has the potential to revolutionize the industry globally, and we’re looking forward to working alongside the team.”

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