Yesterday, payment network Dwolla announced it received its largest investment so far, $16.5 million in funding.
This Series C round was led by Andreessen Horowitz who’s Partner, Scott Weiss, has joined Dwolla’s board.
Additional investors include:
- Village Ventures
- Thrive Capital
- Union Square Ventures
The new installment brings Dwolla’s total funding to just under $23 million. The Iowa-based startup plans to use the new round to grow business development to larger customers.
Four previous rounds include:
- Angel, November 2009: $250k
- Grant, March 2010: $55k
- Series A November 2010: $1 million
- Series B February 2012: $5 million
In its coverage, TechCrunch reports some of Dwolla’s recent growth figures:
- Annual transaction processing run rate is a billion dollars
- It has 250k account holders. This is up from 80k in early 2012.
- It has more than 100 large customers
- It will open its fifth office, located in San Francisco, this June
To learn more about Dwolla, check out its live demo from FinovateSpring 2012.