Blockchain Raises $40 Million in Series B Funding Round
In a blog post published on Thursday, Blockchain CEO Peter Smith announced that the startup raised $40 million in its most recent round of funding. That Series B total is significantly higher than the company’s 2014 Series A results of $30.5 million, and was described by Smith as “the most substantial investment in the fintech space since Brexit” and “the largest Series B raised by any digital currency company to date.”
In the announcement, Smith acknowledged the investors responsible for ensuring the funding round’s success:
“Today, I’m excited to announce that we’ve raised a Series B of $40 million with Lakestar and GV (formerly Google Ventures) with additional participation from Nokota Management and Digital Currency Group. Our existing investors – Lightspeed Venture Partners, Mosaic Ventures, Prudence Holdings, Virgin, and Sir Richard Branson (Virgin Group) – also participated in the round. Their continued support is an honor.”
Smith reportedly told CNBC that the company plans to use the funding for additional research, development of new products, and expansion of the Blockchain team. That expansion will apparently include the addition of new offices around the world, as Blockchain works to scale its services to ensure that it can meet what Smith referred to as “record demand.”
For Blockchain, this type of successful funding round couldn’t have come at a better time. As Smith notes:
"We started raising this round before the run up in the cryptomarket. It was good timing in the end because while we were closing the round, we were massively up on every level. Our traffic has been growing 15 percent week over week in last two weeks."
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