$100 Million: Coinbase Raises Biggest-Ever Round for Bitcoin Startup

Coinbase has raised $100 million in Series D funding in what is the largest single traditional funding round for a public blockchain or cryptocurrency startup, according to CoinDesk data.

Announced today, the round was led by Institutional Venture Partners (IVP), a Silicon Valley venture firm that counts some of the biggest tech and digital startups, including Dropbox, GitHub and Netflix, among its portfolio. Also participating are Battery Ventures, Draper Associates, Greylock Partners, Section 32 and Spark Capital.

The round’s completion raises Coinbase’s collective funding to date to more than $217 million, higher than any other industry firm that has raised money from accredited investors.

Put in context, cryptocurrency and distributed ledger startups have raised a combined $1.9 billion to date, meaning Coinbase now accounts for 10% of all venture capital invested in blockchain startups.

In statements, Coinbase said that it would use the funds to expand its customer support and engineering teams, a statement that follows previous commitments to growing support amid a wave of diversifying customer complaints.

Numbers game

Taking another look at the data, Coinbase has now raised two of the industry’s largest funding rounds since it was founded in June 2012 and incubated by Y Combinator.

Most recently, Coinbase completed a Series C funding round in early 2015, netting $75 million from a group of investors that included the New York Stock Exchange and Fortune 500 financial services group USAA. In between, it also raised $10.5 million from Mitsubishi UFJ.

In context, however, it is the Series C and Series D rounds that stand out as among the industry’s largest.

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