BitGo has raised $42.5 million of Series B venture funding in a deal led by Valor Equity Partners. According to Pitchbook, the deal put the company’s pre-money valuation at an estimated $127.5 million. David Sacks, Bill Lee, and DRW Venture Capital also participated in this new round of funding.
If you’re not familiar with BitGo, the company is the developer of a multi-signature secure digital wallet created to make digital currencies usable for businesses in a regulated economy. BitGo’s technology solves the most difficult security, compliance and architectural problems associated with blockchains, enabling businesses to integrate digital currencies into their existing financial systems. Processing more than $8 billion monthly, BitGo customers comprise the largest cryptocurrency exchanges and application providers in the world.
The company was founded in 2013, and some of the current active investors include Digital Currency Group, Blockchain Capital, Founders Fund and people like Vinny Lingham, the founder of Civic. Most of them participated in the company’s Series A funding, which was completed in June 2014. BitGo’s previous funding rounds brought in $14 million in total and with this new round of funding, it’s now $56.5 million.