San Francisco-based blockchain infrastructure company Figure Technologies is looking to raise $100M in fresh funding.
The round is one-third the size of its previous planned $300M funding
round, which was scrapped as crypto markets crashed. Talks with
investors are yet to begin; however, the firm is prepared to postpone
the funding rather than raise a down round.
- A
$200M Series D round led by 10T Holdings and Morgan Creek Digital in
May 2021 brought its total funding raised to date to $1.6B.
- Figure was valued at $3.2B at the last fundraiser.
- Notable investors in the firm include Mithril Capital, Digital Currency Group,
- CEO Mike Cagney previously led personal financing and online banking company SoFi.
- Recently,
the firm witnessed a spate of high-profile departures as its president,
CFO, CMO, and VP of communication quietly stepped down from their
respective roles.
- It also scrapped its reverse SPAC merger, which was poised to bring in $250M for the firm.
- After posting profits in Q3 2022, the firm lost $1M in the following quarter.
- The firm is considering spinning off some product lines.
