Bitcoin and blockchain technology company Blockchain has raised $40 million in its second round of institutional funding.
European venture capital fund Lakestar and GV, Google’s venture capital arm, both led the round. Nokota Management and Digital Currency Group also took part in the investment, as did Blockchain’s existing investors Lightspeed Venture Partners, Mosaic Venture Partners, Prudence Holdings, Virgin, and Sir Richard Branson.
The Series B funding takes the total raised by Blockchain to $70 million. The company claims the investment is the biggest into a UK startup since Brexit.
Secret’s out! Excited to announce our $40M Series B with Lakestar Advisors, @GVteam and more! https://t.co/1259C55cQf
— Blockchain (@blockchain) 22 June 2017
Announcing the Series B investment in a blog post on Thursday, founder and CEO Peter Smith said:
“As the market leader, you can expect us to make big, bold bets in research and development as well as further our expansion efforts globally. You can also expect new products aimed at allowing anyone to transact, save, or hedge digital assets with greater speed, efficiency and control.
“Innovating, disrupting, revolutionizing a century old industry takes time. We’ve made significant strides, but we’re just getting started.”
In 2014, the company raised $30 million in what was the largest investment in the digital currency industry at the time.
The new capital will support global expansion and localization efforts as well as research and development of emerging digital assets.
“The 14 trillion dollar financial services industry hasn’t meaningfully changed in over a century. Blockchain is on a mission to create a financial system that is faster, more inclusive, and radically different than the status quo,” Peter Smith added.
Founded in 2011 as an open source software project, today Blockchain offers the largest digital asset platform in the world. The company’s wallet software has empowered millions of active users in 140 countries across the globe to transact quickly and without costly intermediaries, resulting in billions of monthly consumer transaction volume. They also offer tools for developers and real time transaction data for users to analyze the burgeoning digital economy.
Blockchain employs over 50 people but plans to grow its headcount as part of the fundraising.