cryptoknowmics.com
New Zealand-based cryptocurrency exchange Easy Crypto set the record for the largest Series A funding round in the country. Reportedly, the firm just secured $11.7 million, nearly double what was expected.
New Zealand's Largest Series A Funding
Easy Crypto just secured $11.7 million funding round led by Nuance Connected Capital with participation from pension provider Pathfinder and Indonesia-based GDP Venture. U.S.-based Even Capital, Hutt Capital, Icehouse Ventures, and Seven Peaks Ventures also made investments in the funding round.
Easy Crypto allows users to buy and sell more than 150 cryptocurrencies. Founded by siblings Janine and Alan Grainger, the platform has seen its number of users grow fivefold over the past year.
Apparently, the platform generated $3.46 million worth of revenue in the previous financial year and is on track to more than double that amount this financial year.
The CEO and co-founder of Easy Crypto Grainger said it took 13 months to get its first dollar of investment, and then it went to raise the $17 million in just three weeks.
"Cryptocurrency is seen as a bit fringe still, a bit volatile and I think it's taken us a while to find investors who perhaps had that forward looking looking and strategic vision to be able to take a punt on what we're doing."
Milestone for NZ's Crypto Industry
Janine Grainger said the successful funding round was a key milestone for the company and the future of the country's crypto sector.
“This funding will accelerate our global growth trajectory, making cryptocurrency easily accessible to even more customers across the world. It is a clear endorsement of what the Easy Crypto team has achieved to date and the growth potential of the platform.”
Along with New Zealand, Easy Crypto has a presence in Australia, the Philippines, and South Africa and wants to expand its business in Southeast Asia.