Total amount raised
$561 Millions
Latest funding date
1/1/2023
Location
Blockstream has successfully raised significant funding through multiple rounds, attracting a diverse group of investors. The company specializes in developing digital asset infrastructures for the Bitcoin economy.
Keep reading to explore the intricacies of Blockstream's fundraising journey and the investors backing this innovative platform.
What Is Blockstream?
Blockstream, founded in 2014, is headquartered in Montréal, Quebec, Canada. The company was established by a group of visionaries including Adam Back, Alex Fowler, Austin Hill, Erik Svenson, Gregory Maxwell, Jonathan Wilkins, Jorge Timón, Mark Friedenbach, Matt Corallo, and Pieter Wuille.
Specializing in blockchain technology, Blockstream develops digital asset infrastructures for the Bitcoin economy. Their key products and services include Blockstream Satellite, Liquid Network, and Core Lightning, among others.
With a team of 51-100 employees, Blockstream continues to innovate and lead in the field of Bitcoin and blockchain technology.
How Much Funding Has Blockstream Raised?
Seed Round
- Amount Raised: $21M
- Date: November 2014
- Lead Investors: Khosla Ventures, Real Ventures, Reid Hoffman
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To establish the company and develop initial blockchain technology solutions.
Series A
- Amount Raised: $57M
- Date: February 2016
- Lead Investors: AXA Venture Partners, Digital Garage, Horizons Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand product offerings and scale operations.
Venture Round
- Amount Raised: $11M
- Date: November 2017
- Lead Investors: DG Lab
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further develop blockchain infrastructure and enhance existing products.
Series B
- Amount Raised: $210M
- Date: August 2021
- Lead Investors: Baillie Gifford, Bitfinex
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate the development of the Liquid Network and expand mining operations.
Convertible Note
- Amount Raised: $125M
- Date: January 2023
- Lead Investors: Kingsway Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand institutional Bitcoin mining services.
Convertible Note
- Amount Raised: $210M
- Date: October 2024
- Lead Investors: Fulgur Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To drive the adoption of layer-2 technologies and expand Bitcoin treasury services.
Total Amount Raised: $634M. Current Valuation: Not publicly disclosed.
Key Investors
- Fulgur Ventures
- Details: Fulgur Ventures is a venture capital firm specializing in funding startups within the Bitcoin and Lightning Network ecosystems. The firm has been active since 2019 and supports both early-stage and follow-on rounds.
- Investment Focus Areas: Bitcoin infrastructure, layer-2 solutions, Lightning Network.
- Notable Investments: Relai, Zebedee, LN Markets.
- Khosla Ventures
- Details: Khosla Ventures is a venture capital firm founded by Vinod Khosla, co-founder of Sun Microsystems. The firm focuses on impactful technology investments.
- Investment Focus Areas: Clean technology, healthcare, artificial intelligence.
- Notable Investments: DoorDash, Square, Stripe.
- Baillie Gifford
- Details: Baillie Gifford is an investment management firm based in Edinburgh, Scotland. The firm is known for its long-term investment approach.
- Investment Focus Areas: Technology, healthcare, consumer goods.
- Notable Investments: Tesla, Amazon, Spotify.
- AXA Venture Partners
- Details: AXA Venture Partners is a venture capital firm backed by AXA, a global insurance and asset management company. The firm invests in innovative technology companies.
- Investment Focus Areas: Fintech, enterprise software, digital health.
- Notable Investments: Zenjob, Happytal, Phenom People.
- Digital Garage
- Details: Digital Garage is a Japanese company that provides internet and technology services. It also operates a venture capital arm investing in startups.
- Investment Focus Areas: Fintech, blockchain, digital marketing.
- Notable Investments: Twitter, LinkedIn, Kakao.
What's Next for Blockstream?
Blockstream stands at the cusp of significant opportunities, particularly in expanding its Bitcoin treasury services and advancing its layer-2 products like the Liquid Network and Core Lightning. With over $1.8 billion in assets already issued on the Liquid Network, the potential for growth is immense. The company aims to onboard more companies to use its network for tokenized assets, capitalizing on the $300 billion real-world asset tokenization market.
Future fundraising opportunities appear promising, given the recent $210 million convertible note financing round led by Fulgur Ventures. This influx of capital will likely attract further investment as Blockstream continues to scale its operations and develop new financial products. The company's history of successful fundraising suggests that additional rounds could be on the horizon to support its ambitious growth plans.
However, Blockstream may face challenges such as competition in the rapidly evolving blockchain space, regulatory hurdles, and technical issues in scaling its layer-2 solutions. Ensuring the security of these second-layer networks will be crucial as the company navigates these obstacles. Despite these challenges, the increasing institutional interest in Bitcoin and the growing demand for scalable financial products position Blockstream well for future success.
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