San Francisco-based blockchain infrastructure company Figure Technologies is looking to raise $100M in fresh funding.

 

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.

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