Coinbase Acquires Andreessen Horowitz–Backed Startup Blockspring

Blockspring, a startup that makes tools for collecting and managing data from APIs, has been acquired by Coinbase.

"Joining Coinbase was a no-brainer for a number [of] reasons including its commitment to establishing an open financial system and the strength of its engineering team," Blockspring announced on its blog this week.

CoinDesk confirmed the acquisition with a Coinbase spokesperson, though the company declined to comment further.

The San Francisco-based Blockspring makes it easy to pull data from various APIs into Excel and Google Sheets. The startup had been backed by Y Combinator and a $3.4 million funding round from Andreessen Horowitz (a16z) and SV Angel in 2015.

Still with a16z at the time, Blockspring found an early advocate in current Coinbase CTO Balaji Srinivasan.

"Blockspring turns a company’s business users into an army of engineers able to quickly and easily connect spreadsheets and other applications to web services without any coding experience," said Srinivasan, according to Blockspring's 2015 funding announcement.

More recently, Blockspring had built an integration for Coinbase into its service.

Excited to share that the @Blockspring team is joining Coinbase to help build out our developer tools. They’ve built an impressive platform that connects hundreds of different APIs and we’re excited for them to continue their work here at Coinbase!

— Tim Wagner (@timallenwagner) January 16, 2019

According to the company's acquisition announcement, "Blockspring will continue to operate as an independent company and our products will continue to operate for current and new customers."

No financial terms of the deal were disclosed. Coinbase raised a whopping $300 million in October 2018, and the Blockspring deal is Coinbase's 11th acquisition, according to data from Crunchbase.

Coinbase image via Shutterstock / OpturaDesign