$1m round opens for NZ crypto platform
FOR IMMEDIATE RELEASE: 14 May 2018
A Kiwi platform which helps New Zealanders invest in cryptocurrencies is looking for investors of its own as it launches a $1m funding round in Wellington on Wednesday.
Invsta, a
product created by online financial services company
Ilumony, is taking part in the Kiwibank FinTech Accelerator:
the second Kiwibank-sponsored Lightning Lab business
accelerator focused on FinTech companies.
Invsta is a
cloud-based investment platform which offers a range of
crypto-traded portfolios (CTPs) to New Zealanders wanting to
invest into a diverse range of cryptocurrencies and
strategies easily.
“Until recently, investing in
cryptocurrencies has been complicated, confusing,
time-consuming and very technically challenging,” Abhy
Singla, the company’s co-founder and CTO says.
“Invsta does the hard work for investors so that this
is no longer the case.”
On Wednesday, CEO and
co-founder Rachel Strevens will take to the stage to pitch
privately to investors before presenting to the public at
Lightning Lab’s Demo Day. Invsta is aiming to raise
$1m.
The company will use the money to grow its New
Zealand user base before setting its sights on international
expansion to markets such as Singapore.
Strevens and
Singla, one of New Zealand’s top experts on the blockchain
technology behind cryptocurrencies, have been travelling
around New Zealand, the US, and Asia in past weeks to learn,
explore growth opportunities and meet with investors.
“The feedback we’re receiving has been
overwhelmingly positive,” Strevens says.
“Cryptocurrency is one of the most exciting things to
happen to the financial services space in decades and
investors are very aware of that. Interest is higher than
ever before with the record gains made by cryptocurrencies
last year, so we’re confident we’ll be able to reach our
target and close our round quickly.”
Singla says
there’s strong investor interest in the startup because
it’s making cryptocurrencies more accessible to everyday
investors than its competitors.
Strevens says the
company’s goal is to make cryptocurrency investment easily
accessible to the everyday person.
“Our goal to
position ourselves as the number one cryptocurrency
investment platform in New Zealand and around the world
makes us a very attractive proposition to investors who want
to buy in to our company.”
Strevens says she’s
particularly looking to take on investment from people who
have experience in the financial and cryptocurrency
sectors.
“We definitely want smart money. We have
ambitious goals and we’re looking to build a team around
us of people who share our vision and have the smarts and
experience to help us get there.”
ENDS