|[March 26, 2014]
Circle Internet Financial Closes $17 Million Series B Financing
BOSTON --(Business Wire)--
Circle Internet Financial, a digital currency company, today announced
that it has closed $17 million in Series B financing, bringing its total
raise to date to $26 million. Breyer Capital, Accel Partners (News - Alert) and General
Catalyst Partners were joined by new investor Oak Investment Partners to
lead the round. Other Series B investors included Pantera Capital; the
Bitcoin Opportunity Fund of Barry Silbert (News - Alert), founder and chief executive
officer of SecondMarket, Inc. and founder of the Bitcoin Investment
Trust; Leonard H. Schrank, former chief executive officer of SWIFT
(Society for Worldwide Interbank Financial Telecommunication); and,
Circle board member M. Michele Burns. Fenway Summer, a leading consumer
finance advisory and venture firm led by Circle board member Raj Date,
was also an investor in the Series B financing.
Circle today also announced the debut of its initial consumer product in
a limited release, which has been made available to select users ahead
of the company's general availability launch later this year.
"We are thrilled to have such a strong showing of support and vote of
confidence from world-class investors and strategic individuals as we
move into the commercial phase of Circle," said Jeremy Allaire (News - Alert), Circle
founder, chairman and chief executive officer. "With accelerating
consumer and business interest in digital currency all around the world,
it's critical that we have the capital and leadership team t execute on
our vision for consumer finance and global payments built on Bitcoin."
"Circle has continued to make tremendous progress in helping to shape
and define the digital currency industry, and I am excited to be
continuing to invest in and partner with Jeremy and the Circle team,"
said Jim Breyer, founder and chief executive officer of Breyer Capital.
"The global transformation in payments made possible by Bitcoin and
digital currency is one of the most significant investment opportunities
in the past 30 years."
Circle is one of the first companies built from the ground up to provide
financial products for consumers that harness the power of Bitcoin to
enable faster transactions, lower costs, greater privacy safeguards and
increased protection against fraud and identity theft while enabling
more frictionless global economic activity and cross-border
transactions. The company's forthcoming products, which entered limited
availability release today, promise to allow consumers and businesses to
use digital currency easily, reducing much of the friction and risk that
is currently associated with Bitcoin.
As part of its commitment to safety, Circle has engaged with
governments, regulators and the commercial banking industry as it seeks
to fulfill the promise of global digital currency. The company is
focused on building services that mainstream consumers and businesses
can rely upon that are audited and examined by governments in order to
ensure businesses are held to stringent requirements around consumer
protection and criminals and bad actors are thwarted from abusing
digital currency platforms.
Circle launched in October 2013 with a $9 million Series A round from
Breyer Capital, Accel Partners and General Catalyst Partners. Allaire
has founded two previous startups that both saw successful IPOs. His
company Brightcove (NASDAQ: BCOV), where Allaire serves as Chairman,
went public in 2012 and his previous company, Allaire Corp., went public
in 1999 and later merged with Macromedia.
Circle Internet Financial is a privately held digital currency company
based in Boston and with international operations headquartered in
Dublin, Ireland. The company was founded in 2013 by Internet pioneer
Jeremy Allaire and co-founder and Chief Technology Officer Sean Neville.
Circle is backed by venture capital leaders Breyer Capital, Accel
Partners, General Catalyst Partners and Oak Investment Partners. For
more information, please visit www.circle.com.
[ InfoTech Spotlight's Homepage ]