- Bahrain-based cryptocurrency exchange Rain, has raised $110 million in its Series B funding round co-led by Paradigm and Kleiner Perkins with participation from Coinbase Ventures, Global Founders Capital, MEVP, Cadenza Ventures, JIMCO and CMT Digital.
- Founded in 2017 by Abdullah Almoaiqel, AJ Nelson, Joseph Dallago, and Yehia Badawy, Rain is one of the region's first licensed cryptocurrency brokerage and custodians allowing users to buy, sell, and store cryptocurrencies.
- The startup will use the funding to continue to expand and focus on growth throughout the Mena region, Turkey and Pakistan.
In January 2022 Rain, a leading cryptocurrency company, raised USD 110 million in its Series B funding. The round was co-led by Paradigm and Kleiner Perkins with participation from numerous parties including Coinbase Ventures, Global Founders Capital, MEVP, Cadenza Ventures, JIMCO and CMT Digital. Founded in 2017 by Abdullah Almoaiqel, AJ Nelson, Joseph Dallago, and Yehia Badawy, Rain will utilise this investment to further expand licensing in other countries and regions, enhancing its technology with an advanced trading platform and continuing to grow the team as cryptocurrency adoption continues to increase globally.
In a joint statement, the co-founding team said: “We are very excited about this funding opportunity as it allows us to continue conversations with regulators across the MENA region, Turkey, and Pakistan about the benefits and potential of cryptocurrency. It will also support our overarching mission of providing education and access to cryptocurrency to all of our supported markets.”
They added: “At Rain, we strongly believe in the long-term value of cryptocurrency and its Blockchain technology foundation to change finance globally. We are humbled to work with some of the highest quality global investors, like Paradigm, Kleiner Perkins and Coinbase Ventures, who share a unified goal of a more open and inclusive financial system."
“We believe Rain is a crucial piece of the puzzle for bringing the Middle East deeper into the new crypto economy,” said Casey Caruso, investing partner at Paradigm. “Their emphasis on supporting and educating those new to crypto alongside strong banking and regulatory relationships has helped them build a service people trust. This is just the beginning for Rain, and we're honored to support their growth.”
Mamoon Hamid, a partner at Kleiner Perkins commented on the partnership, "Rain provides fundamental access and an on-ramp to a new paradigm of the Internet. We're excited to partner with Rain as they grow and expand to serve people in more locations around the world, including Pakistan."
This announcement comes after a Series A round of funding, led by MEVP with participation from Coinbase Ventures, during which Rain raised USD 6 million in January of 2021. Having done over USD 1.9 billion worth of transactions and amassed over 185,000 active users this round of Series B funding is a milestone within an already monumental year for the company. With over 400 employees, Rain will also continue to grow its team across the region hoping to double in size by 2022.
While continuing to focus on regional expansion, Rain seeks to offer a safe and secure space to buy, sell and store cryptocurrencies, as well as providing regular educational opportunities for those interested in learning more about cryptocurrencies.