Bitcoin Security Company BitGo Raises $12 Million in Series A Financing

Super User
By Super User Jun 16, 2014 2:08PM BST

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Bitcoin Security Company BitGo Raises $12 Million in Series A Financing

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  • BitGo gets $12 million in Series A funding
  • Investors include Redpoint Ventures and Ashton Kutcher's A-GRade investments

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Bitcoin security platform BitGo announced on Monday that it has raised a whopping $12 million in a Series A financing round led by Redpoint Ventures of Silicon Valley. Previous investors in the company include Bridgescale Partners, Jeff Skoll, Bill Lee, and Eric Hahn also participated in the round.

New investors that also participated include Radar Partners, Founders Fund, Bitcoin Opportunity Corp. (headed by Barry Silbert of SecondMarket), Liberty City Ventures, Crypto Currency Partners, Ashton Kutcher and Guy Oseary’s A-GRade Investments, and a number of others. An impressive list indeed.

The company also took the opportunity to announce that Redpoint Ventures founding partner Jeff Brody and Stratton Sclavos will be joining the company’s board of directors.

Bitcoin has opened a new frontier much like the advent of the commercial Internet in 1994,” Sclavos said in a statement. “This new industry simultaneously promises endless possibilities while facing meaningful security threats. We believe that Bitcoin’s inherent advantages over existing financial services infrastructure, combined with BitGo’s best-in-class security platform, will accelerate the adoption of digital money as fundamentally as the Internet changed global communication and publishing.”

The funds are expected to help the company with their continued growth in this fast-paced and fast-growing industry.

We are still in the early innings of the Bitcoin revolution,” said Will O’Brien, CEO and co-founder of BitGo. “BitGo’s mission is to secure the world’s Bitcoin. By solving Bitcoin’s early security concerns for our customers and industry partners, BitGo is excited to help the Bitcoin industry grow with what we believe will be a speed and scale comparable to the Internet itself.”

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Nuno Menezes is a Bitcoin Entrepreneur and a crypto currency’s enthusiast strongly supporting the Bitcoin Portuguese Community. He is an Anthropologist and a Writer and his current field of work is virtual currencies.Complementing his Social Sciences Master degree with a Professional background in telecommunications along some experience in Computer Science, he intends to bring knowledge and understanding about the impact of crypto currencies in society.