Bitcoin startup Abra raises $16m Series B from Foxconn, Arbor Ventures, Jungle Ventures, others

US and Philippines-based bitcoin startup Abra has raised $16 million in a Series B round led by new investor HCM International, Foxconn’s venture subsidiary. The round was joined by Silver8 Capital, Ignia and return Abra backers – Arbor Ventures, American Express Ventures, Jungle Ventures, Lehrer Hippeau and RRE, according to the company blog.

Founded by Bill Barhydt, Abra is a digital wallet to buy, sell, store, or send fiat currencies or bitcoin.

“We believe that Abra represents the future of digital payments and banking. Abra’s vision for a decentralized network of people, merchants and consumer devices all connected via Internet-based open blockchain technology can usher in a new era of financial inclusion and access to capital for billion of consumers,” said Jack Lee, founding and managing partner, HCM.

With the new funding, the bitcoin startup has raised over $35 million to date. In September 2015, Abra had secured a $12 million Series A funding from Arbor Ventures, RRE Ventures, and First Round Capital.

Foxconn has previously tested blockchain technology for use in supply chain management, Chained Finance, through a collaboration with Chinese online lending marketplace Dianrong that saw it launch a supply chain finance platform.

While investor opinion remains divided over bitcoin, startups in the space continue to attract funding. Last Monday, Digital Asset, a blockchain startup funded by some of the world’s largest banks, raised $40 million for its global expansion.

Most recently, South Korea’s SparkLabs Group, which claims to be the largest startup accelerator group in Asia, launched a $100 million fund to back blockchain and cryptocurrency startups.

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