Estonian crypto currency company Coinmetro has raised seven million euros, which it plans to use for expanding its operations in the United States, Europe as well as in Estonia, which is where the company’s headquarters and most of its team are located.
The bridge financing is a prerequisite for the next financing round planned to take place in the first quarter of 2023, according to Coinmetro.
The €7 million came from three angel investors and more than 100 existing shareholders who have a combined stake of four per cent in the company. Coinmetro’s founder and CEO, Kevin Murcko, said that a large portion of the shareholders are its customers “who trust the team, company and its values” and “want to contribute to the growth of the enterprise”.
The company is currently valued at an estimated €180 million, three times more than in 2021.
“After an unpredictable year in the crypto currency market, more volatility can be expected; however, those who understand the dynamics of the market and see where the next stage in crypto evolution will be, will benefit from positive growth. We have no shortage of ideas and we’re eager to make them a reality for our growing community over the coming months and years. This financing round provides us with the opportunity to do just that,” Murcko said.
The head of Coinmetro said that Estonia remained the home market for the company where the digital startup is planning to establish itself even more in the near future.
“This is where our headquarters is situated and despite difficult times, Tallinn is the ideal environment for a business like ours that wants to expand in Europe and needs top specialists in its ranks,” he noted.