Celo Raises Additional $20M In Institutional Funding


Celo, a San Francisco, CA-based open-source blockchain ecosystem focused on making decentralized financial (DeFi) systems and tools accessible to anyone with a smartphone, raised $20m in funding.

Backers included Andreessen Horowitz, Greenfield One, and Electric Capital. To date, Celo has raised more than $65m from backers including Polychain Capital, Reid Hoffman, Jack Dorsey, Coinbase Ventures, Social Capital, Dragonfly Capital, Version One Ventures, SV Angel, and Valor Capital, among others.

Led by Rene Reinsberg, co-founder, Celo is a mobile-first, open-source ecosystem of technologies, which includes a decentralized, proof-of-stake blockchain technology stack, a native asset, a stablecoin (cUSD) and the Celo Alliance for Prosperity, with over 100 organizations around the world, including Andreesen Horowitz, Anchorage, Coinbase, GSMA, Mercy Corps, Grameen Foundation, Prosegur, Abra, and cLabs, a service organization dedicated to growing and developing the ecosystem. 

To date, more than 2M transactions have run across the network.

Today also marks the launch of Valora, a mobile remittance and peer-to-peer payments app built on the Celo platform. With Valora, users can send and receive funds from virtually anywhere around the world within seconds.