Bahrain-Based Crypto Firm Rain Raises $110 Million in Series B Funding

The digital exchange, Rain became one of the most valuable crypto startups in the Middle East region today after the company raised $110 million in its Series B funding round. The company’s Bahraini entity, Rain Management, is a licensed crypto service provider in the Middle East.

Founded in 2017, Rain received a license from the Central Bank of Bahrain in 2019 to operate as a digital asset service provider. With the growing adoption of crypto assets in the region, Rain has witnessed a sharp surge in the number of clients over the past few months.

Investment firms Paradigm and Kleiner Perkins co-led the $110 million Series B investment round. Additionally, some of the world’s leading investors, including Coinbase Ventures, Global Founders Capital, MEVP, Cadenza Ventures and CMT Digital participated in the round.

Rain was founded by Abdullah Almoaiqel, AJ Nelson, Joseph Dallago and Yehia Badawy. In January 2021, the crypto exchange raised $6 million in the Series A funding round to expand its operations.

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. At Rain, we strongly believe in the long-term value of cryptocurrency and its Blockchain technology foundation to change finance globally.”

Regional Expansion

Through the Series B funding, Rain is planning to expand its presence across different regions, specifically emerging economies. With over 185,000 active users, the crypto exchange aims to become one of the leading digital asset firms in the MENA region.

"We're excited to partner with Rain as they grow and expand to serve people in more locations around the world, including Pakistan," Mamoon Hamid, a partner at Kleiner Perkins, said.