Crypto startup Utorg raised $5M from Dragonfly, TA Ventures and Hypra

Estonian crypto startup Utorg raised $5M from Ukrainian fund TA Ventures and Portugalian Hypra. The seed round was led by American crypto fund Dragonfly.

Utorg - fintech company, founded in 2020. It develops a widget for applications and websites. With its help, the user can purchase cryptocurrency without hidden fees using more than 15 different payment methods. It is possible to buy cryptocurrency from over 187 countries.

The investments will secure new licenses, expand the team, and build new revenue sources. Utorg also aims to create an application that will combine classic financial services (providing credit cards and IBANs) with modern Web3 functions (a non-custodial wallet, swaps, NFT integration, portfolio, and yield-saving accounts). 

TA Ventures is a Ukrainian fund, established in 2010. It invests mainly in European and North-American startups. The average amount of transactions ranges between $100K and $500K.

A joint venture fund Hypra was founded in 2022 in Lisbon (Portugal). It does not only invest but also builds web3 projects.

San Francisco-based Dragonfly Capital Partners - is a crypto investment fund. It was launched in 2018.