Singapore-Based Crypto Investment Startup Pillow Raises $18M Series A

The funding round was co-led by Accel and Quona Capital with participation from Jump Capital and Elevation Capital.

AccessTimeIconOct 13, 2022 at 8:03 a.m. UTC
Updated May 9, 2023 at 3:59 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global event for everything crypto, blockchain and Web3.Register Now

Pillow, a Singapore-based crypto investment startup, has raised a $18.1 million Series A, the firm announced via Twitter on Thursday.

  • The Series A was co-led by Accel and Quona Capital with participation from Jump Capital and existing investor Elevation Capital.
  • The digital asset management app, which was co-founded by three Indian origin persons Arindam Roy, Rajath KM and Kartik Mishra, in 2021 with the objective of giving new users an experience without hassles like gas fees, bridging and security.
  • The platform has over 75000 users, with its largest user base in Nigeria, according to TechCrunch. Pillow co-founder Roy announced it has users in 60 countries. "We now move to the next phase of our journey, one where millions of users worldwide are able to meaningfully interact with digital assets without barriers of geography, education, or infrastructure," Roy tweeted.
  • Pillow offers users up to 10.42% returns on their stablecoins, 6.02% returns on bitcoin (BTC) and 6.03% returns on ether (ETH). While it supports 10 digital assets currently, it plans to expand to over 50 soon.
  • This year has been the biggest ever for hacking activity, according to Chainalysis. Pillow uses custodial service BitGo for custody insuring users' funds up to $250 million.
  • Elevation Capital, a venture capital firm providing early-stage capital for startups in India, that also provided seed capital of $3 million (around Rs 22.5 crore) in February, 2022 confirmed the news to CoinDesk separately.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Amitoj Singh

Amitoj Singh is a CoinDesk reporter.

Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to to register and buy your pass now.