Elwood Technologies, Supported by Alan Howard, Explores Selling a Segment of Its Business: Sources

Elwood Technologies, a platform specializing in cryptocurrency trade execution and risk management, backed by billionaire hedge fund manager Alan Howard, is reportedly in discussions to divest a portion of its business, as per insights from four individuals familiar with the matter.

Sources indicate that Elwood has reassessed its strategic direction, placing a heightened emphasis on its existing portfolio management and risk management software-as-a-service operations while scaling back its focus on trading activities.

Headquartered in London, Elwood maintains a workforce of approximately 100 employees across its offices in the United Kingdom, United States, Jersey, and Singapore. Its suite of offerings includes trade execution and portfolio management software, complemented by risk management services such as exposure tracking and collateral monitoring, which were introduced in May of the previous year.

Despite generating $11.5 million in revenue in 2023, the company reportedly incurred a loss of $16.9 million after disbursing $23.3 million to its partners, according to disclosed filings.

A separate source disclosed that Howard's ongoing restructuring of his crypto investment portfolio has precipitated changes at Elwood. Earlier reports from Bloomberg indicated Howard's intent to divest his interests in cryptocurrency exchange Bitpanda and custody firm Copper, redirecting his focus toward Brevan Howard Digital.

When approached for comment, Elwood declined, and Alan Howard did not provide a response.

Elwood had secured $70 million in Series A funding in early 2022, with leading investments from Goldman Sachs and Dawn Capital, alongside participation from Barclays, Commerzbank's CommerzVentures, and Galaxy Digital Ventures.

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