Funding round
BlockFi Series C
BlockFi, which works in digital asset management services in Jersey City, raised $50M in a Series C round announced on 21 Aug 2020, led by Morgan Creek Digital. 10 firms took part, with 2 individual investors. It is BlockFi's third venture round on record; the one before was a Series A in Aug 2019.
$50M
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 12 months after BlockFi's Series A. It is 12% of the $420M BlockFi has raised in the venture rounds on record. BlockFi raised again 7 months later: a Series D round of $350M in Mar 2021, at $3.00B post-money.
BlockFi's funding rounds
BlockFi has 4 venture rounds on record. This one is highlighted.
Investors
Who put money in
Morgan Creek Digital led the round with 9 other firms.
Lead investor
- Morgan Creek Digital new investor
Also in the round
- Valar Ventures backs 56 venture-backed companies new investor
- backs 62 venture-backed companies new investor
- backs 47 venture-backed companies new investor
- backs 38 venture-backed companies new investor
- SCB 10X new investor
- Avon Ventures new investor
- Purple Arch Ventures new investor
- Kenetic Capital new investor
- backs 79 venture-backed companies new investor
Individual investors: Michael Antonov and Matthew Dellavedova. Joined the board: Anthony Pompliano (Morgan Creek Digital).
Use of proceeds
What the money is for
According to the announcement, the money goes to hiring, product development, geographic expansion, scaling operations and working capital.
- Hiring
- Product development
- Geographic expansion
- Scaling operations
- Working capital
Comparable rounds
How it compares
9 Series C rounds in Cryptocurrency within a year either side disclosed an amount; the median was $80M, and this round was 63% of the median. The closest in time, other companies' Series C rounds in Cryptocurrency:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Cryptocurrency | 11 Aug 2020 | $8.0M | $101M | not named |
| Paxos Cryptocurrency | 17 Dec 2020 | $142M | not disclosed | Declaration Partners |
| Cryptocurrency | 15 Dec 2020 | $65M | not disclosed | Accel |
| Anchorage Digital Cryptocurrency | 25 Feb 2021 | $80M | not disclosed | GIC |
| Blockchain.com Cryptocurrency | 24 Mar 2021 | $311M | $5.20B | DST Global and Lightspeed Venture Partners |
| Coinmerce Cryptocurrency | 20 Jan 2020 | $75M | $500M | Accel |
| Ripple Cryptocurrency | 20 Dec 2019 | $200M | $10.00B | Tetragon |
| Cryptocurrency | 5 May 2021 | $250M | $2.20B | Tiger Global and Coatue |
Sources
Where this comes from
Reported by 6 sources.
Questions
Frequently asked
How much did BlockFi raise in its Series C round?
BlockFi raised $50M in its Series C round, announced in Aug 2020.
Who led BlockFi's Series C round?
Morgan Creek Digital led it, with Valar Ventures, CMT Digital, Castle Island Ventures, Winklevoss Capital and SCB 10X and 4 more.
What was BlockFi's valuation at the Series C round?
It was not disclosed.
How does it compare with other Series C rounds in Cryptocurrency?
9 Series C rounds in Cryptocurrency within a year either side disclosed an amount; the median was $80M, and this round was 63% of the median.
Did BlockFi raise again after this round?
Yes: a Series D round in Mar 2021 of $350M at $3.00B post-money.