Hamburg, Germany based NAGA Group AG (ETR:N4G) has announced that it has raised an additional €34 million in capital, in an institutional share offering.

Hauck & Aufhäuser acted as Sole Global Coordinator and Sole Bookrunner for the transaction.

This marks the third fundraising in 2021 for the fast-growing NAGA, which operates social trading focused website naga.com, under a Cyprus CIF license. NAGA raised €8 million from PIPE investor Yorkville back in March, and then €22.7 million in additional capital from investors including Christian Angermayer and Igor Lychagov at the end of September. The latest funding brings the 2021 total to more than €64 million in capital raised for NAGA – quite a warchest to pursue its expansion goals.

NAGA stated that the placement consisted of 4,223,250 shares, and was placed with a leading European financial investor as well as qualified investors in Germany and other selected jurisdictions (outside the United States of America) at a subscription price of €8.00 per share – actually above NAGA’s closing price Thursday of €7.90. This morning NAGA shares reacted by trading up slightly, at €8.15.

The company added that the new capital will be used to further finance global growth and enhanced marketing measures.

NAGA Group posted record quarterly Revenue of $21 million and EBITDA of $5.2 million in Q3-2021. Trading in cryptocurrencies has been particularly strongly, representing about 15% of total company revenues so far in 2021.