US-based digital currency software developer Blockchain secured $40m in series B funding yesterday that was co-led by GV, the corporate venturing unit formerly known as Google Ventures.
GV, a subsidiary of internet technology group Alphabet, co-led the round with venture capital fund Lakestar, investing alongside conglomerate Virgin and its founder Richard Branson, Nokota Management, Digital Currency Group, Lightspeed Venture Partners, Mosaic Ventures and Prudence Holdings.
Blockchain began as an open source project but has since evolved into a software platform for digital assets that has powered more than 100 million transactions.
The technology functions as a decentralised and distributed digital ledger that records transactions across several systems, meaning they cannot be changed afterwards. In addition to its core technology, the company also produces tools for developers and real-time data on transactions.
Blockchain co-founder and CEO Peter Smith said in a blog post: “Our mission “to create an open, accessible and fair financial future for billions across the globe, one piece of software at a time” is a lofty one. This capital moves us one step closer to delivering on that mission and will ensure we can take a very long-term view.
“As the market leader, you can expect us to make big, bold bets in research and development as well as further our expansion efforts globally. You can also expect new products aimed at allowing anyone to transact, save or hedge digital assets with greater speed, efficiency and control.
The funding follows a $30m series A round in 2014 that included Lightspeed Venture Partners, Mosaic Ventures, Prudence Holdings, Wicklow Capital, Future Perfect Ventures and angel investors including Branson.
Virgin was identified as an existing investor in the latest round but was not named as a series A participant when the round was disclosed.