Bitcoin operator Circle raises US$17m in Series B funding

26 Mar 2014

Circle, a bitcoin operator with its international headquarters in Dublin, has raised US$17m in Series B funding along with its first consumer product making a limited release.

Bringing its total funding raised to US$26m, the company is planning to release a number of products that will enable individuals, businesses and charities to better avail of bitcoin with increased safety measures and ease of access.

This round of investment was provided by Oak Investment Partners, which joined Breyer Capital, Accel Partners and General Catalyst Partners from previous fundraising efforts.

Having founded the company in 2013, Jeremy Allaire expanded the company’s operation from the United States to Dublin in January, as the base of its European operations.

Speaking about their recent funding acquisition, Circle’s investors have said they still see reasons to be optimistic for the future of the cryptocurrency, despite recent worries of its collapse and bitcoin exchange Mt Gox declaring bankruptcy.

“Circle has continued to make tremendous progress in helping to shape and define the digital currency industry, and I am excited to be continuing to invest in and partner with Jeremy and the Circle team,” said Jim Breyer, founder and chief executive officer of Breyer Capital. “The global transformation in payments made possible by bitcoin and digital currency is one of the most significant investment opportunities in the past 30 years.”

The company also announced the debut of its initial consumer product in a limited release, which has been made available to select users ahead of the company’s general availability launch later this year.

Colm Gorey was a senior journalist with Silicon Republic