Sequoia to Rake in More Than $100 Million From Crypto Acquisition
Venture capital firms including Sequoia, Ribbit and Index notched big wins when Stripe bought Bridge for $1.1 billion.
Sequoia Capital offices in Menlo Park, California.
Photographer: Josh Edelson/BloombergVenture capital firms are set to make hundreds of millions of dollars from Stripe Inc.’s acquisition of crypto platform Bridge for $1.1 billion in cash and stock, according to people familiar with the matter — a deal that’s handed VC firms a rare win in a difficult market for crypto startups.
Firms including Sequoia Capital, Ribbit Capital, Bedrock Fund Management, Index Ventures and Haun Ventures all saw their investments in the startup pay off many times over. The investments represent an unusually quick turnaround for VCs, particularly with the startup market mired in a post-pandemic slump. Bridge was less than three years old when Stripe agreed to buy it.