BitPay Raises $2 Million led by Founders Fund
ATLANTA, May 16, 2013 (BUSINESS WIRE) -- BitPay Inc., the world's leading payment processor for bitcoin, announces it has raised an additional $2M in seed round financing led by Founders Fund, which includes three founders of PayPal.
"ECommerce companies see the tremendous value that frictionless international payments bring to their businesses as they expand into emerging markets. BitPay's ambitions have been global from the outset, and at Founders Fund we have been impressed with the company's tremendous growth as they sign up hundreds of new customers a day, turning the potential for opportunity into a reality," said Brian Singerman a Partner at Founders Fund.
Also joining this round is Max Keiser's fund Heisenberg Capital, a London-based fund focused on bitcoin companies. The terms of the seed round were not disclosed, although 100% of the existing seed shareholders exercised their pro rata rights to maintain their ownership percentage in BitPay.
"We were not looking to raise any capital until later this year, but we could not ignore the opportunity to have Founders Fund involved with BitPay," says Tony Gallippi, co-founder and CEO of BitPay. "There's no single investment firm we would rather have on our team right now than Founders Fund."
BitPay added over 1,900 new merchants during the month of April, and they continue to dominate the bitcoin payments space by signing up over 100 new merchants per day. Through BitPay's service, around $5 million per month worth of bitcoins are spent on goods and services with merchants around the world. Businesses selling electronics, precious metals, and other low-margin products over the internet are seeing a large increase in profitability by accepting bitcoin payments.
BitPay continues to hire Software Engineers for its Atlanta-based headquarters, with two positions open now for experienced node.js developers who are excited about bitcoin, as well as a Senior UX Designer. The company continues to add resources to product development and engineering of its world-leading bitcoin payment platform.
BitPay is a Payment Service Provider (PSP) specializing in eCommerce, B2B, and enterprise solutions for virtual currencies. Visit https://bitpay.com.