Crypto investment platform Pillow has raised $18 Mn in Series A funding round co-led by Accel, Quona Capital, Elevation Capital, and Jump Capital. Elevation Capital also led the seed round of Pillow.

The startup plans to use the funding to accelerate adoption of crypto services in emerging markets.

 

Founded in 2021 by Arindam Roy, Rajath KM, and Kartik Mishra, Pillow claims to have a community of more than 75,000 users in over 60 countries. Pillow users can invest and save in US dollar-backed stablecoins, as well as multiple blue-chip cryptocurrencies including Bitcoin, Ethereum and others on the app.

Singapore-based Pillow provides users with strategies and “market-beating rates” for popular crypto assets including USD Coin, Tether, Bitcoin and Ethereum. The startup claims to have grown its user base by 300% since the beginning of 2022, with assets under management growing 5X. In addition, it has expanded into Nigeria, Ghana, and Vietnam, among other emerging markets.

IndusLaw advised Accel, Quona Capital and Elevation Capital while Spice Route Legal acted for Pillow.

The IndusLaw team consisted of Mayukh Datta (Partner) and Associates: Akshay Marathe and Rahul PS, with Namita Viswanath (Partner), Naqeeb Ahmed (Principal Associate) and Abhijit Chakrabarti (Associate) advising on certain regulatory aspects.