Cryptocurrency compliance startup Chainalysis has added $13m to its Series B round more than a year after expanding the raise the last time.
With the new capital injection, the blockchain analysis company has raised $49m in its Series B round so far.
Chainalysis will use the money to fuel its the growth of its government relationships and further unite the public and private sectors to fuel the cryptocurrency industry’s growth through the addition of software engineers, government sales, and other business roles.
“Chainalysis is founded on the belief that providing data insights into cryptocurrency activity will unite government agencies, exchanges and financial institutions to fuel the industry’s growth,” said Michael Gronager, CEO and co-founder of Chainalysis. “Ribbit Capital’s deep FinTech, cryptocurrency, and government experience and Sound Venture’s commitment to creating safer digital environments through enterprise software make them natural partners as we continue our high-growth trajectory and global expansion.”
Ribbit Capital and actor Ashton Kutcher’s Sound Ventures were behind the new investment. Ribbit has previously backed companies like Upgrade, Razorpay and Coalition.
“Chainalysis is the data platform bet, as crypto-asset adoption increases across the world,” said Micky Malka, the managing partner of Ribbit Capital. “We’re convinced that the firm’s technology provides foundational infrastructure for the future of finance. Chainalysis has already seen impressive growth, and the economic opportunity is massive.”
Sound Ventures has invested in Neighborly, Nova Credit and Lolli among others in the past. “Chainalysis’s market leading position at the intersection of fintech and cybersecurity makes them an essential part of the economy of the future,” said Kutcher. “They are also one of the rare companies whose work protects society’s most vulnerable people, as demonstrated by their work on assisting the shutdown of the largest ever child abuse material site.”
Ribbit Capital and Sound Ventures join Chainalysis’ previous investors Accel, Benchmark, MUFG and Sozo Ventures.
Sigal Mandelker, general partner at Ribbit Capital and former under secretary for terrorism and financial intelligence at the U.S. Department of the Treasury, will join as an advisor to Chainalysis.
“Chainalysis has done terrific work providing blockchain analysis and tools to financial institutions, government agencies, and exchanges, while working to track, analyse, and disrupt illicit activity,” said Mandelker. “As the digital assets industry continues to evolve and grow in positive ways, I’m excited to work with the Chainalysis team to help develop public-private partnerships, enhance ground-breaking technologies in financial services, and root out illicit networks.”
Copyright © 2020 FinTech Global
