[ Abra Raises $16M in Series B Funding ]

Bitcoin startup Abra has completed a $16 million Series B led by manufacturing giant Foxconn. The new capital brings Abra’s total funding to more than $30 million. Other participants in the round include new investors Silver8 Capital and Ignia, as well as previous Abra backers Arbor Ventures, American Express, Jungle Ventures, Lehrer Hippeau and RRE. However, the round marks Foxconn’s first investment in a bitcoin-focused firm, and shows a new willingness for the company – best known as the manufacturer of Apple’s iPhone – to embrace other potential use cases. Since Abra is a purveyor of a bitcoin remittance app, the investment could be read as a business-to-consumer and financial inclusion play.

Still, Abra founder and CEO Bill Barhydt was quick to note that he envisions his company’s technology as having broader implications, including those that might be of interest to large manufacturing firms. Armed with a platform that enables bitcoin micropayments and smart contracts, Barhydt went so far as to project that Abra’s technology can underpin a new type of consumer credit product. In this vision, makers of refrigerators, televisions and more could lease appliances to people who may not want to pay the full value upfront – with blockchain technology giving consumers an incentive to make installment payments.

Funding  Series B
Founded  2014
Country  USA
City  Mountain View, California
Founder / CEO  Bill Barhydt
Deal Size $16M
Investors  Foxconn Technology Group
 Silver8 Capital
 RRE Ventures
 Lerer Hippeau Ventures
 Jungle Ventures
 IGNIA
 Foxconn Technology Group
 Arbor Ventures
 American Express
 Previous Investors  Same as above
 Ratan Tata
 Pantera Capital
 Nurzhas Makishev
 Lerer Hippeau Ventures
 Future Perfect Ventures
 First Round Capital
 Digital Currency Group
 Carthona Capital
 Blockchain Capital
 American Express Ventures
 Silicon Badia