Soros fund backs crypto data provider Lukka's $53 million Series D funding round

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A fund founded by billionaire investor George Soros has backed crypto data provider Lukka in a $53 million Series D fundraise.

Lukka is among the several firms that have cashed in on the bitcoin boom, raising rounds within quick successions. It only announced its Series C fundraise—which was led by Wall Street juggernaut State Street—this past December. Elsewhere in the crypto market, Blockchain.com, BlockFi and NYDIG have announced their own big rounds. 

Lukka raised at a valuation of around $200 million, according to the firm. Soros Fund Management participated alongside S&P Global, and CPA.com. Soros Fund Management also participated in NYDIG’s most recent fundraise, and the fund has been exploring crypto as far back as 2018. 

Lukka CEO Robert Materazzi said the firm was approached by existing investors looking to allocate to the market. He added that the funding round will help the firm expand the features of its existing products, which span data and tax solutions. Lukka’s products are aimed at Wall Street’s middle and back offices that need help pinpointing the exact price of bitcoin and building out the necessary administrative tools to account for their trading activity within the nascent market.

To date, Lukka has partnered with firms like IHS Markit to provide institutional-grade crypto data to financial-services firms. 

“We are seeing material growth in enterprise sales,” Materazzi told The Block.

The growth in the crypto asset management space—which could be further propelled by the several bitcoin ETFs sitting on the sidelines—may serve as a tailwind for Lukka. Already, the firm counts Hashdex, a manager of funds in Bermuda and Brazil, as a client. 

“We can cater to the fund administrators who work with these funds,” Materazzi said. 

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