BitGo, a San Francisco, CA-based Bitcoin security platform, raised $12m in Series A financing.
The round was led by Redpoint Ventures with participation from existing investors Bridgescale Partners, Jeff Skoll, Bill Lee, and Eric Hahn and new investors Radar Partners, Founders Fund, Barry Silbert’s Bitcoin Opportunity Corp., Liberty City Ventures, Crypto Currency Partners, Ashton Kutcher & Guy Oseary’s A-GRade Investments, and a number of Bitcoin industry executives and angel investors. In conjunction with the funding, Jeff Brody, founding partner of Redpoint, and Stratton Sclavos of Radar Partners will join its board of directors.
The company intends to use the funds for growth.
Co-founded Will O’Brien, Mike Belshe and Ben Davenport, BitGo operates a Bitcoin security-as-a-service platform based on patent-pending multi-signature technology. The company currently offers an online Bitcoin wallet for individuals, and BitGo Enterprise™ (bitgo.com/enterprise), a multi-sig, multi-user solution for corporations and financial institutions to manage their Bitcoin holdings with enterprise-grade security. It also enables exchanges, marketplaces, and e-commerce players to use its platform to facilitate secure, multi-party transactions that are secured with BitGo.