Total amount raised
$1.4 Billions
Latest funding date
06/01/2022
Location
BlockFi has successfully raised significant funding through multiple rounds, attracting a diverse range of investors. The company is focused on developing a blockchain-driven wealth management platform for crypto investors.
Keep reading to explore the intricacies of BlockFi's fundraising journey and the investors backing this innovative platform.
What Is BlockFi?
BlockFi, founded in August 2017 by Flori Marquez and Zac Prince, is a blockchain-driven wealth management platform for crypto investors. The company is headquartered in Jersey City, New Jersey.
BlockFi offers USD loans to crypto-asset owners who use their crypto-assets as collateral. The platform aims to provide liquidity, transparency, and efficiency to digital financial markets.
With a team of 501-1000 employees, BlockFi continues to innovate in the financial services sector, focusing on the needs of crypto investors.
How Much Funding Has BlockFi Raised?
- Seed Round
- Amount Raised: $1.6M
- Date: February 2018
- Lead Investors: ConSensys Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop the initial platform and launch BlockFi's services.
- Seed Round
- Amount Raised: $2.3M
- Date: June 2018
- Lead Investors: Galaxy Digital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the team and enhance the platform's capabilities.
- Convertible Note
- Amount Raised: $4M
- Date: December 2018
- Lead Investors: Akuna Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support product development and market expansion.
- Series A
- Amount Raised: $18.3M
- Date: August 2019
- Lead Investors: Valar Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and increase market presence.
- Series B
- Amount Raised: $30M
- Date: February 2020
- Lead Investors: Valar Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance product offerings and expand into new markets.
- Series C
- Amount Raised: $50M
- Date: August 2020
- Lead Investors: Morgan Creek Digital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate growth and develop new financial products.
- Series D
- Amount Raised: $350M
- Date: February 2021
- Lead Investors: Bain Capital Ventures, Bracket Capital, DST Global, Pomp Investments, Tiger Global Management
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand globally and enhance the platform's infrastructure.
- Series E
- Amount Raised: $500M
- Date: August 2021
- Lead Investors: Rose Park Advisors
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further scale operations and explore new market opportunities.
- Debt Financing
- Amount Raised: $400M
- Date: June 2022
- Lead Investors: FTX US Derivatives
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To bolster the balance sheet and ensure platform stability during market downturns.
Total Amount Raised: $1.355B
Current Valuation: Not publicly disclosed
Key Investors
- Winklevoss Capital
- Details: Winklevoss Capital is a venture capital firm founded by Cameron and Tyler Winklevoss. The firm focuses on providing seed funding and infrastructure to early-stage startups.
- Investment Focus Areas: Blockchain, cryptocurrency, fintech
- Notable Investments: Gemini, BlockFi, Protocol Labs
- Bracket Capital
- Details: Bracket Capital is a venture capital firm that invests in technology-driven companies. They aim to support innovative startups with high growth potential.
- Investment Focus Areas: Blockchain, fintech, artificial intelligence
- Notable Investments: BlockFi, Robinhood, SpaceX
- Third Prime
- Details: Third Prime is a venture capital firm that focuses on early-stage investments. They partner with entrepreneurs to build transformative companies.
- Investment Focus Areas: Blockchain, fintech, healthcare
- Notable Investments: BlockFi, Latch, Eden Health
- Valar Ventures
- Details: Valar Ventures is a venture capital firm co-founded by Peter Thiel. The firm invests in technology companies that have the potential to disrupt traditional industries.
- Investment Focus Areas: Fintech, blockchain, consumer internet
- Notable Investments: TransferWise, N26, BlockFi
- Morgan Creek Digital
- Details: Morgan Creek Digital is a hedge fund that specializes in blockchain technology and digital assets. The firm is a subsidiary of Morgan Creek Capital Management.
- Investment Focus Areas: Blockchain, cryptocurrency, digital assets
- Notable Investments: BlockFi, Coinbase, Bakkt
What's Next for BlockFi?
BlockFi's future looks promising with the recent $250 million credit line from FTX, providing a significant boost to its financial stability. This partnership opens doors for future collaborations, potentially leading to innovative ventures in the cryptocurrency market.
As BlockFi strengthens its balance sheet, it becomes more attractive to other investors, paving the way for additional funding opportunities. However, the volatile crypto market and regulatory challenges remain hurdles that the company must navigate carefully.
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