TechFlow news, October 29 — According to Bloomberg, citing sources familiar with the matter, Sequoia Capital is set to earn over $100 million in cash and stock from Stripe’s $1.1 billion acquisition of cryptocurrency payments platform Bridge. Sequoia held a 16% stake in Bridge, having invested $19 million in the company’s Series A round.
The deal also delivers multi-fold returns for other investors including Ribbit Capital, Bedrock Fund Management, Index Ventures, and Haun Ventures. Bridge achieved this largest-ever acquisition in crypto industry history within less than three years of its founding. The company previously raised $40 million at a $200 million valuation in its Series A round, bringing its total funding to $58 million.
Bridge was founded by Sean Yu and Zach Abrams, former executive at Coinbase, and provides stablecoin payment solutions for enterprises. The two founders previously sold their payment startup Evenly to Block in 2013, demonstrating extensive experience in the payments industry.
