🏆 Deal of the Week · CW 48/2022
Keyrock raised USD 72 million in a Series B round in November 2022; the valuation was not disclosed. The round was backed by Middlegame Ventures, Ripple, and SIX FinTech Ventures. This transaction was recognised as Venionaire DealMatrix Deal of the Week for KW 48/2022.
Keyrock — key deal facts
| Company | Keyrock |
| Founded | 2017 |
| Headquarters | Brussels, Belgium |
| Amount raised | USD 72M |
| Valuation | Valuation Remains Undisclosed |
| Round | Series B |
| Investors | Middlegame Ventures (https://www.middlegamevc.com/) Ripple (https://ripple.com/) SIX FinTech Ventures (https://www.six-group.com/en/company/innovation/start-ups.html) |
| Sectors | Asset Management |
Who invested in Keyrock?
The Series B was funded by Middlegame Ventures, Ripple, and SIX FinTech Ventures. The investor mix is notably cross-sectoral: Middlegame Ventures brings dedicated fintech venture expertise, Ripple contributes deep blockchain and payments infrastructure credibility, and SIX FinTech Ventures connects Keyrock to one of Europe's leading financial market infrastructure groups. Together, they signal both institutional confidence in digital asset market-making and strategic alignment with regulated financial markets.
What does Keyrock do?
Keyrock is a Brussels-based crypto investment firm founded in 2017 by CEO Kevin de Patoul. The company specialises in market making, OTC trading, options, and asset management for digital assets, providing liquidity services across more than 85 centralized and decentralized venues. Its algorithmic trading infrastructure and newly launched Asset & Wealth Management solutions serve clients across 37 countries, with regulated entities operating in Belgium, the UK, Switzerland, France, and the United States.
Keyrock valuation & multiples
No existing multiples analysis was provided for this deal. For context on valuation benchmarks applicable to digital asset and broader asset management businesses, readers are invited to explore the relevant sector multiples pages on DealMatrix, where EV/Sales and EV/EBITDA ranges for comparable fintech and asset management transactions are maintained and updated regularly.
Explore the benchmarks: Series B.
Frequently asked questions
How much did Keyrock raise in its Series B?
Keyrock raised USD 72 million in its Series B round in November 2022.
What is Keyrock's valuation?
Keyrock's valuation was not disclosed in connection with this Series B funding round.
Who invested in Keyrock?
The Series B was backed by Middlegame Ventures, Ripple, and SIX FinTech Ventures.
When was Keyrock founded and where is it based?
Keyrock was founded in 2017 and is headquartered in Brussels, Belgium.
Source: original announcement — read the full report.