Funding round
BlockFi Series A
BlockFi, which works in digital asset management services in Jersey City, raised $18M in a Series A round announced on 6 Aug 2019, led by Valar Ventures. 10 firms took part. It is BlockFi's second venture round on record; the one before was a Seed in Feb 2018.
$18M
Amount raised
Not disclosed
Post-money valuation
10
Investors
1 lead
Valuation
What this round says about the price
BlockFi did not disclose a valuation in this round. It came 18 months after BlockFi's Seed. It is 4.4% of the $420M BlockFi has raised in the venture rounds on record. BlockFi raised again 12 months later: a Series C round of $50M in Aug 2020. Its next priced round, a Series D in Mar 2021, valued it at $3.00B.
BlockFi's funding rounds
BlockFi has 4 venture rounds on record. This one is highlighted.
Investors
Who put money in
Valar Ventures led the round with 9 other firms.
Lead investor
- Valar Ventures backs 56 venture-backed companies new investor
Also in the round
- backs 38 venture-backed companies new investor
- Galaxy backs 113 venture-backed companies new investor
- ConsenSys Ventures new investor
- backs 6 venture-backed companies new investor
- Avon Ventures new investor
- Susquehanna new investor
- backs 62 venture-backed companies new investor
- Morgan Creek new investor
- backs 36 venture-backed companies new investor
Use of proceeds
What the money is for
According to the announcement, the money goes to product development, scaling operations and working capital.
- Product development
- Scaling operations
- Working capital
Comparable rounds
How it compares
19 Series A rounds in Cryptocurrency within a year either side disclosed an amount; the median was $8.0M, and this round was 2.3 times the median. The closest in time, other companies' Series A rounds in Cryptocurrency:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Cryptocurrency | 31 Jul 2019 | $15M | not disclosed | Sony Financial Ventures and Global Brain |
| Cryptocurrency | 10 Sep 2019 | $15M | not disclosed | Acuitas Group Holdings |
| Cryptocurrency | 5 Sep 2019 | $5.7M | not disclosed | YZi Labs |
| Cryptocurrency | 12 Sep 2019 | $1.5M | not disclosed | not named |
| Cryptocurrency | 30 Sep 2019 | undisclosed | not disclosed | Fitz Gate Ventures |
| Cryptocurrency | 1 May 2019 | $100M | not disclosed | not named |
| Cryptocurrency | 2 Dec 2019 | $5.0M | not disclosed | SV INVESTMENT |
| Cryptocurrency | 17 Feb 2020 | $8.0M | not disclosed | not named |
Sources
Where this comes from
Reported by 5 sources.
Questions
Frequently asked
How much did BlockFi raise in its Series A round?
BlockFi raised $18M in its Series A round, announced in Aug 2019.
Who led BlockFi's Series A round?
Valar Ventures led it, with Winklevoss Capital, Galaxy, ConsenSys Ventures, Akuna Capital and Avon Ventures and 4 more.
What was BlockFi's valuation at the Series A round?
It was not disclosed.
How does it compare with other Series A rounds in Cryptocurrency?
19 Series A rounds in Cryptocurrency within a year either side disclosed an amount; the median was $8.0M, and this round was 2.3 times the median.
Did BlockFi raise again after this round?
Yes: a Series C round in Aug 2020 of $50M.