- Valkyrie recently said that the biggest participant in the funding round had defaulted.
- The crypto platform previously announced that it had raised $11.15 million.
Valkyrie Investments, a leading financial service firm has lost its largest investor in its $11 million funding round. Earlier this month, Valkyrie revealed that the biggest participant in the funding round had defaulted, months after the crypto platform announced it had raised $11.15 million. The firm is currently attempting to find other new investors.
Valkyrie spokesperson stated:
We of course are in advanced talks with a number of potential investors who have expressed interest in our firm, and hope to have positive news in the coming weeks.
Valkyrie Looks for New Investors
Leah Wald, the Valkyrie investments CEO, stated in a letter which was published on October 7, that the CSA Evolution VC Fund was no longer able to contribute $5 million to the transaction.
The platform added:
We had a signed subscription doc in-hand, and their LPs were blue chip firms that have impeccable reputations in the business. In the months that have since passed, though, those LPs backed out and the investor was unable to meet its obligation.
Valkyrie furtherly disclosed in the letter that the firm had looked into a variety of options and solutions over the past few months to bring in the promised investment. The company’s principal recently invested money from a personal fund.
However, there are indications of a connection with Clear Sky Advisers, a Houston-based firm. A participant named “Clearsky” was listed in Valkyrie’s press release from June about the more than $11 million in fundraising, among other participants.
In addition, there is a specific link between Valkyrie and Clear Sky Advisers. In regulatory filings for its exchange-traded funds, Valkyrie mentions Shawn Singh, the latter’s CEO.
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