Funding round
Ripple Series C
Ripple, which works in blockchain solutions development in San Francisco, raised $200M in a Series C round announced on 20 Dec 2019, led by Tetragon, at a $10.00B post-money valuation. 3 firms took part, 1 of them already investors. It is Ripple's fourth venture round on record; the one before was a Series B in Sep 2016.
$200M
Amount raised
$10.00B
Post-money valuation
$9.80B pre-money
3
Investors
1 lead
2.0%
Stake sold
new money over the post-money
Valuation
What this round says about the price
This round priced Ripple at $10.00B after the new money. The $200M bought investors about 2.0% of the company. It came 39 months after Ripple's Series B. It is 24% of the $847M Ripple has raised in the venture rounds on record. Ripple raised again 21 months later: a Series E round of $60M in Sep 2021, at $357M post-money.
Ripple's funding rounds
Ripple has 6 venture rounds on record and 1 other deal. This one is highlighted.
- Seed 1 Jan 2013 $3.5M
- Series A 19 May 2015 $28M
- Series B 15 Sep 2016, led by SBI Holdings $55M
- Series C this round 20 Dec 2019, led by Tetragon $200M$10.00B post-money
- Series E 21 Sep 2021, led by Bloom8, Ajax Strategies and S2G Investments $60M$357M post-money
- Growth 5 Nov 2025, led by Fortress Investment Group and Citadel Securities $500M$40.00B post-money
- Debt not a venture round 19 Aug 2026 $275M
Investors
Who put money in
Tetragon led the round with 2 other firms. Tetragon had backed Ripple before.
Lead investor
- backs 3 venture-backed companies existing investor
Also in the round
- backs 45 venture-backed companies new investor
- backs 22 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 and working capital.
- Hiring
- Product development
- Geographic expansion
- Sales and marketing
- Scaling operations
- Working capital
Comparable rounds
How it compares
5 Series C rounds in Cryptocurrency within a year either side disclosed an amount; the median was $65M, and this round was 3.1 times the median. The closest in time, other companies' Series C rounds in Cryptocurrency:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Coinmerce Cryptocurrency | 20 Jan 2020 | $75M | $500M | Accel |
| BlockFi Cryptocurrency | 21 Aug 2020 | $50M | not disclosed | Morgan Creek Digital |
| Cryptocurrency | 11 Aug 2020 | $8.0M | $101M | not named |
| Cryptocurrency | 3 Apr 2019 | undisclosed | $1.00B | IDG Capital |
| Paxos Cryptocurrency | 17 Dec 2020 | $142M | not disclosed | Declaration Partners |
| Cryptocurrency | 15 Dec 2020 | $65M | not disclosed | Accel |
Sources
Where this comes from
Reported by 4 sources.
Questions
Frequently asked
How much did Ripple raise in its Series C round?
Ripple raised $200M in its Series C round, announced in Dec 2019.
Who led Ripple's Series C round?
Tetragon led it, with SBI Holdings and Route 66 Ventures.
What was Ripple's valuation at the Series C round?
$10.00B post-money ($9.80B pre-money).
How does it compare with other Series C rounds in Cryptocurrency?
5 Series C rounds in Cryptocurrency within a year either side disclosed an amount; the median was $65M, and this round was 3.1 times the median.
Did Ripple raise again after this round?
Yes: a Series E round in Sep 2021 of $60M at $357M post-money.