Amber completes $300 million Series C funding round, reducing staff to 300 people

Amber Group experienced liquidity crisis suspicions, exaggerated layoffs, and finally announced the completion of a $300 million Series C financing at noon on 12/16.

Amber Group experienced liquidity crisis rumors, exaggerated layoffs, and ultimately announced the completion of a $300 million Series C financing at noon on 12/16.

According to an official announcement from Amber, the financing was led by Fenbushi Capital US, with participation from other crypto investors and family offices.

Amber stated that it had previously conducted a Series B financing at a valuation of $30 billion before the FTX incident, but quickly halted it after the incident and began preparing for a Series C financing. Bloomberg pointed out that its Series C valuation was far below the $30 billion in February.

Amber emphasized that the FTX incident affected approximately 10% of total funds, but co-founder Michael Wu stated in an interview that the 10% fund ratio had expanded with the overall asset shrinkage.

At its peak, Amber had around 1,100 employees, but Michael Wu indicated that it would be reduced to around 300 employees.

1) Today, we’re announcing that Amber Group has completed a $300M Series-C round, led by Fenbushi Capital US and joined by other crypto-native investors and family offices.

— Amber Group (@ambergroup_io) December 16, 2022