Coinbase Gets $490M Valuation; Now Most Valuable Bitcoin Co.
January 21, 2015
Coinbase, a platform that facilitates the use of the digital currency bitcoin for consumers and merchants alike, has raised $75 million at a post-money valuation of $490 million. The round was led by DFJ Growth and included Andreessen Horowitz, Union Square Ventures and Ribbit Capital, among others. Prior to Coinbase, no bitcoin startup had raised over $40 million in a single investment. BitFury received $40 million in October 2014, around the same time that Blockchain grabbed just over $30 million in its Series A round. Coinbase's $490 million valuation is also the largest of any BTC company; BitPay was valued at $165 million with its $30 million Series A in May 2014.
Coinbase's growth has been quite impressive, especially considering the fact that the price of bitcoin has steadily declined for some time now. The company last raised a $25 million Series B financing at a valuation of $143 million in late 2013; that means it's more than tripled its valuation in just over a year. Going back to its $5 million Series A round raised in May 2013 ($22M val), Coinbase has achieved a spectacular 22x valuation step-up multiple in only a span of 20 months. While there have recently been some troubling signs for bitcoin, the huge investment in Coinbase proves that the industry is continuing to gain legitimacy.
For free today, you can explore Coinbase's PitchBook Profile, which includes the company's financing/valuation history, investors, professionals and more: click here.