Ripple Labs Raises $3.5M in Funding
Ripple Labs, a San Francisco, CA-based provider of open source payment solutions, raised $3.5m in funding.
Backers included Core Innovation Capital, Venture 51, Camp One Ventures and IDG Capital Partners and a number of unnamed individuals.
Led by CEO Chris Larsen, Ripple Labs develops the Ripple protocol, a decentralized, open source payment protocol which enables secure and nearly free transactions of any size, in any currency, around the world, with no chargebacks for merchants. As a distributed multi-currency exchange, Ripple, currently in beta, allows users to send money in one currency and receive it in another, including dollars, yen, euros or even Bitcoins.
The company intends to use the funds to continue building developer and consumer tools that enhance and contribute to the Ripple ecosystem.
Google Ventures, Andreessen Horowitz, IDG Capital Partners, FF Angel, Lightspeed Venture Partners, The Bitcoin Opportunity Fund, and Vast Ventures had invested in a previous seed funding (read here).