Bitnet Nabs $14.5 Million in Series A Raise
Oct. 27, 2014
Bitnet Technologies, a San Francisco-based startup offering Bitcoin acceptance to enterprise merchants, last week said it has raised $14.5 million in Series A funding. The company, founded by payments vets from CyberSource, will use the cash infusion to launch its platform, build sales, marketing and customer support functions and establish physical offices in continental Europe and Asia. Highland Capital Partners led the round, with participation by Rakuten. The Japanese e-commerce marketplace has invested heavily in a wide variety of online and offline businesses including Buy.com and Pinterest. According to Bitnet CEO John McDonnell, Rakuten’s investment in Bitnet reflects the company’s belief in online commerce and Bitcoin’s potential in that environment.
“When you analyze the visionary strategy behind Rakuten’s growth into the world’s seventh largest Internet company by revenue and market capitalization, a core focus emerges: helping merchants to improve their customer’s online shopping experience,” McDonnell told CardNotPresent.com. “Bitcoin is the first payment system and currency ever specifically designed for the Internet, and Rakuten likely recognizes the significant opportunity to help merchants and consumers experience the benefits of lowering transaction costs, reducing friction for global trade and eliminating fraud from online commerce. Bitnet shares these goals, and we are honored to partner with an innovative global leader such as Rakuten.”