Abu Dhabi Trading Firm Hayvn in Talks for $30M Series B, Eyes IPO: Report

Hayvn, an Abu Dhabi-based crypto trading firm, is courting investors for a Series B round with a view to eventually list, Reuters reported on Wednesday.

• The firm is looking to raise $30 million at a valuation of $400 million and expects to close the round in about three months, according to the report. In November, the firm raised a $5 million Series A round.
• Hayvn offers crypto trading, custody, asset management and payment services to institutional clients and has around $75 million in assets under management (AUM).
• In December, Hayvn won regulatory approval from Abu Dhabi Global Markets. It aims to receive investment from Gulf sovereign wealth funds in the next four months, CEO Christopher Flinos told Reuters.
• Flinos added that the firm will pursue a $150 million initial public offering (IPO) once it hits a $1.5 billion valuation, which is expected in the 12 to 16 months.
• Along with its native Abu Dhabi, Hayvn will also considering listing on exchanges in New York, London, Toronto or ones in Europe. "I would love to do one in Abu Dhabi. But you have a responsibility to your shareholders to do it in the place where you get the best liquidity and the best valuation," Flinos said.
• Flinos said that Hayvn has held talks with five sovereign wealth funds from the Persian Gulf region, as well those from northern Europe and Asia to manage their crypto investments. It has also held talks with them for a potential investment in the Series B funding round.
• Last year, the CEO of Mubadala Investment Company, one of United Arab Emirates’ sovereign wealth funds, said that the fund is looking at investments in the “crypto ecosystem.”

Read more: UAE Wealth Fund Mubadala Investing in Crypto Ecosystem: CEO