Bay Area company Coinbase raised $25 million in series B funding and got a ton of press as Time magazine’s No. 2 most exciting startup of 2013.
That sounds like a pretty good month to me.
First, about the money: The $25 million investment came from VC firm Andreesseen Horowitz along with Union Square Ventures and Ribbit Capital.
What’s more, the deal will put investors Chris Dixon and Fred Wilson on Coinbase’s board. So, in essence, the company got $25 million plus two of the best minds in Silicon Valley behind it.
That puts the total investment in Coinbase, the fastest-growing Bitcoin services in the US, at just lest than $32 million. The online wallet and payment platform currently signs up 10,000 new wallet-holders every day, per Bitcoinexaminer.org, and works with some 16,000 merchants to facilitate Bitcoin payments.
Those numbers are already well above the figures that earned Coinbase the No. 2 slot on Times’ Top 10 Exciting Startups list. From the piece:
“Coinbase, headquartered in San Francisco, has become one of the most prominent businesses, allowing people to buy and store Bitcoins and developing deals with merchants to help them carry out Bitcoin transactions. The startup has attracted $6 million in venture funding, the most of any Bitcoin company, and has signed up 13,000 merchants to use its service.”
It’s not clear whether the new round of funding would have been enough to unseat the No. 1 on that list, Snapchat, which recently turned down a $3 billion buyout offer.