Total amount raised
$1 Billions
Latest funding date
6/1/2024
Location
Fireblocks has successfully raised significant funding across multiple rounds, attracting a diverse group of investors. The platform specializes in providing secure infrastructure for managing digital assets, catering to a wide range of financial institutions and fintech companies.
Keep reading to delve into the details of Fireblocks' funding journey and the key investors who are backing this innovative blockchain security service provider.
What Is Fireblocks?
Fireblocks, founded in 2018, is a blockchain security service provider based in New York, New York. The company was established by Idan Ofrat, Michael Shaulov, and Pavel Berengoltz.
Specializing in moving, storing, and issuing digital assets, Fireblocks serves a diverse clientele, including banks, fintech companies, and hedge funds. The platform ensures secure transmission of digital assets between exchanges, counter brokers, hot wallets, and cold stores.
With a workforce of 501-1000 employees, Fireblocks leverages advanced technologies like SGX and MPC to offer a secure infrastructure for digital asset operations. Their services include digital asset custody, settlement, and issuance.
How Much Funding Has Fireblocks Raised?
- Series A
- Amount Raised: $16M
- Date: June 2019
- Lead Investors: Cyberstarts, Eight Roads Ventures, MState - Not Making New Investments, Tenaya Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop and launch their secure digital asset infrastructure.
- Series B
- Amount Raised: $30M
- Date: November 2020
- Lead Investors: Paradigm
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand their market reach and enhance security features.
- Series C
- Amount Raised: $133M
- Date: March 2021
- Lead Investors: Coatue, Ribbit Capital, Stripes
- Valuation at Round: $700M
- Motivation Behind the Round: To scale operations and support the growing demand for digital asset services.
- Series D
- Amount Raised: $310M
- Date: July 2021
- Lead Investors: Coatue, DRW Venture Capital, SCB 10X, Sequoia Capital, Spark Capital, Stripes
- Valuation at Round: $2.2B
- Motivation Behind the Round: To accelerate product development and expand into new markets.
- Series E
- Amount Raised: $550M
- Date: December 2021
- Lead Investors: D1 Capital Partners, Spark Capital
- Valuation at Round: $8B
- Motivation Behind the Round: To enhance their technological capabilities and support large-scale institutional adoption.
- Venture Round
- Amount Raised: Not publicly disclosed
- Date: February 2023
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To continue scaling and meet the increasing demand for secure digital asset management.
- Secondary Market
- Amount Raised: Not publicly disclosed
- Date: June 2024
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To provide liquidity for early investors and employees.
Total amount raised: $1.039B. Current valuation: $8B.
Key Investors
- Sequoia Capital
- Details: Sequoia Capital is a leading venture capital firm known for investing in technology companies. They have a significant presence in the cryptocurrency technology field.
- Investment Focus Areas: Technology, healthcare, consumer, financial services.
- Notable Investments: Apple, Google, WhatsApp.
- Coatue
- Details: Coatue is a global investment firm focused on technology, media, and telecommunications. They have a strong track record in backing high-growth companies.
- Investment Focus Areas: Technology, media, telecommunications, consumer.
- Notable Investments: DoorDash, Snap, ByteDance.
- Paradigm
- Details: Paradigm is an investment firm specializing in cryptocurrency and blockchain technology. They are known for their deep expertise in the digital asset space.
- Investment Focus Areas: Cryptocurrency, blockchain technology.
- Notable Investments: Coinbase, Uniswap, FTX.
- Ribbit Capital
- Details: Ribbit Capital is a venture capital firm that focuses on financial technology and cryptocurrency. They aim to revolutionize the financial services industry.
- Investment Focus Areas: Financial technology, cryptocurrency.
- Notable Investments: Robinhood, Coinbase, Revolut.
- Galaxy Digital
- Details: Galaxy Digital is a diversified financial services firm dedicated to the digital asset and blockchain technology sectors. They provide asset management, trading, and advisory services.
- Investment Focus Areas: Digital assets, blockchain technology, cryptocurrency.
- Notable Investments: BlockFi, BitGo, Bakkt.
What's Next for Fireblocks?
Fireblocks stands at the cusp of significant growth opportunities, driven by the increasing adoption of digital currencies by financial institutions. The company's expansion into decentralized finance (DeFi) and support for new blockchain protocols like Avalanche position it well to capitalize on the rapidly growing market. With high-profile clients like BNY Mellon and Galaxy Digital, Fireblocks is poised to further solidify its market presence.
Future fundraising opportunities appear promising, given the substantial interest from venture capital firms and institutional investors. However, Fireblocks may face challenges such as regulatory hurdles and intense competition from other digital asset custody firms. Maintaining security and trust will be crucial as the company navigates these obstacles.
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