Blockchain consortium R3 has secured a record $107 million in a series A fundraising round from 40 major institutions.
Barclays, Bank of America Merrill Lynch, HSBC, BNY Mellon, Citi, BNP Paribas and Deutsche Bank were among the 40 investors from 15 countries.
The $107 million funding round is the largest blockchain investment to date, R3 said, and the funds will be used to accelerate technology development.
David Rutter, CEO of R3, described the investment round as ‘unprecedented’.
“Many of the world’s largest financial firms have come together not just with capital support, but with a robust commitment to work with R3 in developing industry solutions that will be the building blocks of the new financial services infrastructure,” he said.
R3 was founded in 2014 by nine banks including Goldman Sachs, Credit Suisse, JP Morgan and others with the goal of applying blockchain technology to commercial markets.
The group was hit by a number of high profile departures at the end of 2016 starting with the exit of founding member Goldman Sachs.
It was thought Goldman Sachs did not renew its membership as R3’s intentions no longer aligned with the bank’s technology strategy.
Santander also confirmed its departure the following day while reports suggested Morgan Stanley also left the group.
R3 said the final tranche of fundraising will be opened to R3 members and non-R3 institutional investors later this year.