What is Rain?
Founded in 2017, Rain operates as a licensed Crypto-Asset Brokerage, aiming to facilitate cryptocurrency adoption across the Middle East. The company has established institutional-grade infrastructure to support transactions in local currencies across Bahrain, Saudi Arabia, the United Arab Emirates, Kuwait, and Oman. A key aspect of Rain's operational security involves storing the majority of its cryptocurrency assets offline within its proprietary Cold Storage system, ensuring robust asset protection.
How much funding has Rain raised?
Rain has raised a total of $116M across 2 funding rounds:
Series A
$6M
Series B
$110M
Series A (2021): $6M with participation from Middle East Venture Partners
Series B (2022): $110M led by Paradigm and Kleiner Perkins
Key Investors in Rain
Paradigm
Paradigm (www.pdgm.com) is a significant backer, known for its involvement in the digital asset space, likely providing strategic capital and expertise to support Rain's growth in the cryptocurrency market.
Kleiner Perkins
Kleiner Perkins is a prominent venture capital firm that invests in early and growth-stage technology companies. Their participation suggests a belief in Rain's long-term potential and scalability within the fintech industry.
Middle East Venture Partners
Middle East Venture Partners (MEVP) focuses on early and growth-stage funding for technology founders in the region. Their investment in Rain highlights a strategic alignment with the company's mission to advance digital assets in the Middle East.
What's next for Rain?
The recent major strategic investment signifies a pivotal moment for Rain, likely enabling the company to expand its operational footprint, enhance its technological infrastructure, and potentially broaden its service offerings. This capital infusion, following substantial prior funding rounds, positions Rain to further solidify its market leadership in the burgeoning Middle Eastern cryptocurrency sector. Future developments may include strategic partnerships, regulatory advancements, and increased market penetration in key regional economies.
See full Rain company page
