Turnkey raises $12.5 million in round backed by Circle Ventures and Sequoia Capital

Turnkey has raised $12.5 million in a strategic investment round backed by Archetype, Circle Ventures and existing investors, bringing its total funding to more than $65 million.

Bain Capital Crypto, Lightspeed Faction, Galaxy Ventures, Sequoia Capital and Variant also participated. The raise follows Turnkey’s $30 million Series B, led by Bain Capital Crypto last year, and its $15 million Series A, led by Lightspeed Faction and Galaxy Ventures in 2024.

Turnkey builds wallet and key-management infrastructure for crypto applications. The company said the new capital will support development of Turnkey Verifiable Cloud, a secure computing product for digital assets and sensitive workloads, ahead of its public launch.

The New York-based firm was founded by former Coinbase Custody employees Bryce Ferguson and Jack Kearney. Its infrastructure is used for non-custodial wallets, automated onchain transactions and policy-controlled signing.

Circle Ventures’ participation links the round to a broader push around stablecoin payments. Circle’s USDC business has become a public-market proxy for stablecoin growth, with analysts tying Circle’s rally to stablecoin adoption and AI agentic finance.

Turnkey said customers include Flutterwave, Tools for Humanity’s World App, Polymarket and Anchorage Digital.

The firm is positioning Verifiable Cloud for the next layer of that market. The product is meant to let companies run sensitive operations in a verifiable environment, including transaction visibility, policy decisions and agent-driven wallet activity.

“Stablecoins are transforming how value moves online, and AI agents are upending traditional security assumptions,” Bryce Ferguson, Turnkey’s CEO and co-founder, said in a statement.

Turnkey said the new funding will go toward Verifiable Cloud and infrastructure for wallets, payments and automated onchain activity.