Gem Raises $7.1 Million in Series A Funding Round

Gem, a blockchain API solutions provider based in California, starts the new year with a $7.1 million Series A funding round. The company previously raised $3.3 million from various investors in the past two years, but this funding round is the biggest one yet. This round featured some of the biggest names in the blockchain space such as Silbert’s Digital Currency Group, Pelion Venture Partners and First Round Capital.

“We are proud to introduce Pelion to the Gem family as well as KEC Ventures, Blockchain Capital, Digital Currency Group, Birchmere Labs, RRE Ventures, Tamarisk Global, Drummond Road Capital, Tekton Ventures, Amplify.LA, Danmar Capital and angel investor James Joaquin.”

Bend Dahl, partner at Pelion Ventures Partners, will take a seat on Gem’s Board of Directors. CEO at Bitium, Scott Kriz, was also named as one of the new appointees to the board.

Gem saw great success with their multi-sig bitcoin developer API, but this funding round will allow the company to leverage its blockchain expertise across a variety of industries.

“we are expanding our API to develop a modular platform for blockchain applications that can be applied to a variety of use cases across multiple industries.”

Howard Morgan, co-founder of First Round Capital and Jeff Parkinson, partner at KEC Ventures, will also take a seat on Gem’s Board of Observers.

Source: http://blog.gem.co/post/136750495135/gem-rings-in-2016-with-71m-in-series-a-funding

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