(Bloomberg) -- Venture capital firms are set to make hundreds of millions of dollars from Stripe Inc.’s acquisition of crypto platform Bridge for $1.1 billion in cash and stock, according to people familiar with the matter — a deal that’s handed VC firms a rare win in a difficult market for crypto startups.

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Firms including Sequoia Capital, Ribbit Capital, Bedrock Fund Management, Index Ventures and Haun Ventures all saw their investments in the startup pay off many times over. The investments represent an unusually quick turnaround for VCs, particularly with the startup market mired in a post-pandemic slump. Bridge was less than three years old when Stripe agreed to buy it.

The leader of the pack was Sequoia, which owns close to 16% of Bridge, said multiple people, who asked not to be identified discussing private information. Sequoia’s stake in the startup is worth significantly more than $100 million dollars, a substantial return on the $19 million it invested when it led Bridge’s Series A funding less than a year ago. That deal was led by Sequoia partner Shaun Maguire, who also took a board seat at the startup. Sequoia declined to comment.

Ribbit owns close to 10% of Bridge, two people said, a stake worth about $100 million. Other investors included Bedrock, with a stake of more than 6%, and Index, at about 6%. The crypto-focused venture firm Haun Ventures had a stake of about 4%.

Representatives for Bedrock, Index and Haun Ventures declined to comment. Ribbit and Bridge did not respond to requests for comment.

Bridge operates a platform for stablecoins, a type of crypto typically designed to track the value of currencies or assets such as dollars one-for-one. The startup attracted Stripe’s attention in part because of its rapid growth, one of the people said. The business recently reached about a $14 million run rate and continues to accelerate, said the person.

The acquisition was good news in the startup world, which has seen precious few sales in recent years, thanks to post-pandemic industry malaise and regulatory scrutiny. The crypto sector, which has dealt with its own ebbs and flows in recent months, has been particularly starved for sales or public offerings — events that allow startups and investors to cash out.

Bridge’s speedy growth and sizable acquisition provides renewed hope for investors that their bets on crypto and other industries will provide returns.