Funding round
Fireblocks Series B
Fireblocks, which works in digital asset infrastructure development in Tel Aviv, raised $30M in a Series B round announced on 18 Nov 2020, led by Paradigm. 7 firms took part, 6 of them already investors. It is Fireblocks' second venture round on record; the one before was a Series A in Jun 2019.
$30M
Amount raised
Not disclosed
Post-money valuation
7
Investors
1 lead
Valuation
What this round says about the price
Fireblocks did not disclose a valuation in this round. It came 17 months after Fireblocks' Series A. It is 2.9% of the $1.04B Fireblocks has raised in the venture rounds on record. Fireblocks raised again 4 months later: a Series C round of $133M in Mar 2021. Its next priced round, a Series D in Jul 2021, valued it at $2.00B.
Fireblocks' funding rounds
Fireblocks has 5 venture rounds on record. This one is highlighted.
- Series A 11 Jun 2019 $16M
- Series B this round 18 Nov 2020, led by Paradigm $30M
- Series C 18 Mar 2021, led by Coatue, Ribbit and Stripes $133M
- Series D 27 Jul 2021, led by Sequoia Capital, Stripes and Spark Capital $310M$2.00B post-money
- Series E 27 Jan 2022, led by D1 Capital Partners and Spark Capital $550M$8.00B post-money
Investors
Who put money in
Paradigm led the round with 6 other firms. Cyberstarts, Tenaya Capital, Swisscom and Galaxy and 2 more had backed Fireblocks before.
Lead investor
- Paradigm backs 82 venture-backed companies new investor
Also in the round
- backs 21 venture-backed companies existing investor
- backs 34 venture-backed companies existing investor
- Swisscom existing investor
- Galaxy backs 113 venture-backed companies existing investor
- backs 86 venture-backed companies existing investor
- Cedar Hill Capital existing investor
Joined the board: Fred Ehrsam (Paradigm).
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 and working capital.
- Hiring
- Product development
- Geographic expansion
- Sales and marketing
- Scaling operations
- Working capital
Comparable rounds
How it compares
37 Series B rounds in Software Development Services within a year either side disclosed an amount; the median was $28M, and this round was close to the median. The closest in time, other companies' Series B rounds in Software Development Services:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Software Development Services | 21 Dec 2020 | $60M | not disclosed | 83North |
| Software Development Services | 10 Dec 2020 | $32M | not disclosed | WestBridge Capital |
| Software Development Services | 10 Dec 2020 | $25M | not disclosed | Sapphire Ventures |
| Deel Software Development Services | 9 Sep 2020 | $30M | not disclosed | Spark Capital |
| Software Development Services | 8 Sep 2020 | $25M | not disclosed | Lightspeed Venture Partners |
| Software Development Services | 24 Sep 2020 | $18M | not disclosed | Noro-Moseley Partners |
| Software Development Services | 28 Sep 2020 | $7.9M | not disclosed | not named |
| Software Development Services | 22 Feb 2021 | $72M | not disclosed | Madrona |
Sources
Where this comes from
Reported by 2 sources.
Questions
Frequently asked
How much did Fireblocks raise in its Series B round?
Fireblocks raised $30M in its Series B round, announced in Nov 2020.
Who led Fireblocks' Series B round?
Paradigm led it, with Cyberstarts, Tenaya Capital, Swisscom, Galaxy and Digital Currency Group and 1 more.
What was Fireblocks' valuation at the Series B round?
It was not disclosed.
How does it compare with other Series B rounds in Software Development Services?
37 Series B rounds in Software Development Services within a year either side disclosed an amount; the median was $28M, and this round was close to the median.
Did Fireblocks raise again after this round?
Yes: a Series C round in Mar 2021 of $133M.