Funding round
BlockFi Series D
BlockFi, which works in digital asset management services in Jersey City, raised $350M in a Series D round announced on 11 Mar 2021, led by Bain Capital Ventures, DST Global, Pomp Investments and Tiger Global, at a $3.00B post-money valuation. 22 firms took part, 1 of them already investors. It is BlockFi's fourth venture round on record; the one before was a Series C in Aug 2020.
$350M
Amount raised
$3.00B
Post-money valuation
$2.65B pre-money
22
Investors
4 leads
12%
Stake sold
new money over the post-money
Valuation
What this round says about the price
This round priced BlockFi at $3.00B after the new money. The $350M bought investors about 12% of the company. It came 7 months after BlockFi's Series C. It is 83% of the $420M BlockFi has raised in the venture rounds on record. No later venture round is on record for BlockFi.
BlockFi's funding rounds
BlockFi has 4 venture rounds on record. This one is highlighted.
Investors
Who put money in
Bain Capital Ventures, DST Global, Pomp Investments and Tiger Global led the round with 18 other firms. Valar Ventures had backed BlockFi before.
Lead investors
- Bain Capital Ventures backs 220 venture-backed companies new investor
- DST Global backs 179 venture-backed companies new investor
- Pomp Investments new investor
- Tiger Global backs 391 venture-backed companies new investor
Also in the round
- Susquehanna Government Products new investor
- backs 7 venture-backed companies new investor
- Paradigm backs 82 venture-backed companies new investor
- Valar Ventures backs 56 venture-backed companies existing investor
- Morgan Creek Digital new investor
- backs 6 venture-backed companies new investor
- backs 36 venture-backed companies new investor
- backs 18 venture-backed companies new investor
- ParaFi Capital new investor
- backs 91 venture-backed companies new investor
- Pacific Century Group new investor
- Gaingels backs 364 venture-backed companies new investor
- backs 46 venture-backed companies new investor
- backs 19 venture-backed companies new investor
- CMS Holdings new investor
- Breyer Capital backs 85 venture-backed companies new investor
- backs 19 venture-backed companies new investor
- backs 47 venture-backed companies new investor
Use of proceeds
What the money is for
According to the announcement, the money goes to hiring, product development, geographic expansion, sales and marketing, scaling operations, acquisitions and working capital.
- Hiring
- Product development
- Geographic expansion
- Sales and marketing
- Scaling operations
- Acquisitions
- Working capital
Comparable rounds
How it compares
7 Series D rounds in Cryptocurrency within a year either side disclosed an amount; the median was $125M, and this round was 2.8 times the median. The closest in time, other companies' Series D rounds in Cryptocurrency:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Paxos Cryptocurrency | 29 Apr 2021 | $300M | $2.40B | Oak HC/FT |
| Cryptocurrency | 17 Feb 2021 | $220M | $1.20B | not named |
| Cryptocurrency | 21 Apr 2021 | $120M | not disclosed | not named |
| Coinmerce Cryptocurrency | 18 Jan 2021 | $125M | $1.70B | Index Ventures and Meritech Capital |
| Cryptocurrency | 7 Jun 2021 | $61M | $500M | Richmond Global Ventures and Andreessen Horowitz |
| Anchorage Digital Cryptocurrency | 15 Dec 2021 | $350M | $3.00B | KKR |
| Cryptocurrency | 12 Jan 2022 | $105M | not disclosed | Bain Capital Ventures |
Sources
Where this comes from
Reported by 5 sources.
Questions
Frequently asked
How much did BlockFi raise in its Series D round?
BlockFi raised $350M in its Series D round, announced in Mar 2021.
Who led BlockFi's Series D round?
Bain Capital Ventures, DST Global, Pomp Investments and Tiger Global led it, with Susquehanna Government Products, Bracket Capital, Paradigm, Valar Ventures and Morgan Creek Digital and 13 more.
What was BlockFi's valuation at the Series D round?
$3.00B post-money ($2.65B pre-money).
How does it compare with other Series D rounds in Cryptocurrency?
7 Series D rounds in Cryptocurrency within a year either side disclosed an amount; the median was $125M, and this round was 2.8 times the median.