Easy Crypto nets $17 million in first capital raise
New Zealand's largest cryptocurrency retailer Easy Crypto has secured the backing of some big names in the finance sector after raising $17 million in Series A funding.
Wednesday, October 6th 2021, 2:43PM
by Matthew Martin
Janine Grainger.
According to Easy Crypto co-founder Janine Grainger, the company was initially looking to raise $10 million but the oversubscribed capital raise of $17 million would help it expand into more overseas markets including Indonesia, the Philippines and other parts of Asia.
"This marks a great milestone in our journey from a New Zealand-born startup to an emerging global company delivering on a mission to democratise finance and make crypto-assets safe and accessible for all," Grainger says.
Leading the funding raise was Auckland's Nuance Connected Capital along with investment from Icehouse Ventures, Pathfinder Asset Management, GDP Venture, Hutt Capital, Seven Peaks Ventures, Alvarium and a new venture capital firm Even Capital.
Since its inception at the end of 2017, Easy Crypto has expanded into Australia, South Africa and Brazil and Grainger says it is likely to offer an IPO to general investors in the future.
She says due to industry caution about cryptocurrencies it has been difficult to find investors in the past but raised the $17 million in just three weeks.
"Embedded in the DNA of Easy Crypto is an unwavering commitment to compliance in all jurisdictions where we operate," she says.
"This ensures that our growth is sustainable and in line with each country’s own vision of the role of blockchain technology.
"With this incredible opportunity, the focus is on the continued growth of Easy Crypto in all aspects, people, product and services."
Founding partner at Nuance Capital Adrien Gheur says he's "super thrilled to be leading the Series A in Easy Crypto and backing two of the most impressive Kiwi founders we’ve met in Janine Grainger and Alan Grainger and their amazing team".
"We truly believe in their mission of democratising crypto for the masses and bringing financial freedom to the underrepresented globally," Gheur says.
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