Total amount raised
$1.1 Billions
Latest funding date
Location
Title
Circle has successfully raised significant funding over multiple rounds, establishing itself as a key player in the financial technology sector. The company offers a range of innovative services, including stablecoins like USDC and EURC, as well as various Web3 solutions.
Keep reading to explore the intricacies of Circle's fundraising journey and the investors backing this transformative platform.
What Is Circle?
Circle, founded by Jeremy Allaire and Sean Neville in 2013, is a financial technology company headquartered in Boston, Massachusetts. The firm leverages blockchain technology to offer a range of services, including stablecoins like USDC and EURC, and various Web3 solutions.
With a workforce of 501-1000 employees, Circle focuses on improving how users send money and engage in e-commerce through its innovative products. The company also provides crypto-related services such as Circle Invest and OTC trading via Circle Trade.
Circle's global presence includes branches in New York, San Francisco, Dublin, London, and Hong Kong, making it a significant player in the fintech industry.
How Much Funding Has Circle Raised?
- Round Name: Series E
- Amount Raised: $110M
- Date: May 2018
- Lead Investors: Bitmain
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the company's operations and support the development of its stablecoin, USDC.
- Round Name: Venture Round
- Amount Raised: $25M
- Date: July 2020
- Lead Investors: Digital Currency Group
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance the company's blockchain technology and expand its product offerings.
- Round Name: Private Equity Round
- Amount Raised: $440M
- Date: May 2021
- Lead Investors: Intersection Fintech Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support the company's strategic growth and meet the increasing demand for digital currency services.
- Round Name: Convertible Note
- Amount Raised: $10M
- Date: January 2022
- Lead Investors: Alameda Research
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To provide additional capital for operational expenses and future growth initiatives.
- Round Name: Private Equity Round
- Amount Raised: $400M
- Date: April 2022
- Lead Investors: BlackRock, Fidelity Management and Research, Marshall Wace LLP, Fin Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To drive the next evolution of Circle's growth and deepen its partnership with BlackRock.
- Round Name: Corporate Round
- Amount Raised: Not publicly disclosed
- Date: August 2023
- Lead Investors: Coinbase
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To strengthen strategic partnerships and expand the company's market reach.
- Round Name: Secondary Market
- Amount Raised: Not publicly disclosed
- Date: January 2024
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To provide liquidity for existing shareholders and attract new investors.
Total Amount Raised: $985M
Current Valuation: Not publicly disclosed
Key Investors
- Jim Breyer
- Details: Jim Breyer is a renowned venture capitalist known for his early investment in Facebook. He is the founder and CEO of Breyer Capital, a global venture capital and private equity firm.
- Investment Focus Areas: Technology, media, artificial intelligence
- Notable Investments: Facebook, Etsy, Marvel Entertainment
- Goldman Sachs
- Details: Goldman Sachs is a leading global investment banking, securities, and investment management firm. The company provides a wide range of financial services to a substantial and diversified client base.
- Investment Focus Areas: Financial services, technology, healthcare
- Notable Investments: Uber, Spotify, WeWork
- IDG Capital
- Details: IDG Capital is a global investment firm with a focus on venture capital, private equity, and mergers and acquisitions. The firm has a strong presence in China and has invested in several high-profile tech companies.
- Investment Focus Areas: Technology, media, telecommunications
- Notable Investments: Baidu, Tencent, Xiaomi
- General Catalyst
- Details: General Catalyst is a venture capital firm that invests in early-stage and growth-stage companies. The firm is known for its investments in transformative technology companies.
- Investment Focus Areas: Consumer technology, enterprise technology, healthcare
- Notable Investments: AirBnB, Snapchat, Stripe
- Accel Partners
- Details: Accel Partners is a global venture capital firm that focuses on early and growth-stage technology companies. The firm has a strong track record of investing in successful startups.
- Investment Focus Areas: Technology, internet, software
- Notable Investments: Facebook, Dropbox, Slack
What's Next for Circle?
Circle's future is brimming with opportunities, particularly in expanding the use of USDC in capital markets through its partnership with BlackRock. With over $50 billion in USDC circulation, the potential for growth is substantial. Becoming a fully registered bank could further enhance Circle's ecosystem and service offerings, aligning with industry trends of increasing stablecoin usage and regulatory frameworks.
Future fundraising seems promising, given the strong investor interest demonstrated by recent funding rounds. However, Circle will need to navigate regulatory challenges and maintain the stability of USDC amidst market fluctuations. These hurdles, while significant, are part of the path to realizing its ambitious growth plans.
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