Encrypted messaging app Telegram succeeds in doubling the money they raised to $1.7 billion, the biggest to date.
Telegram Group Inc., an encrypted messaging app, managed to increase their proceeds to a whopping $1.7 billion in coin of. This is according to a regulatory filing submitted last week.
The British Virgin Islands-registered company was able to raise $850 initially in February. They then raised another $850 million from 94 investors last month. In the filing, the company has also indicated plans to “pursue one or more subsequent offerings”.
Gennady Zhilyaev, a former executive of Templeton Emerging Markets Group in Russia, explains the good results. “Raising the planned amount is a success for Telegram, given that the Bitcoin decline in recent weeks made investors more cautious toward crypto-assets,” he said.