Firm valued at £10.5m
Zumo nears £1.1m target ahead of crowdfund launch
Nick Jones (left), CEO, and Paul Roach, chief product officer
Zumo, the Edinburgh-based cryptocurrency wallet and exchange platform, has raised almost all of its £1.1 million target ahead of a formal crowfunding campaign launched today.
By last night investors had pledged £1.079m from 32 investors via the Seedrs platform.
They will together own 9.51% of the equity, valuing the company at £10.5m.
It is the company’s first crowdfunding campaign and will be a springboard to a Series A funding round in the autumn as it expands its offering to the mass market.
It will capitalise on more than 1.1 million new cryptocurrency wallets that have been created in the UK in the past year alone.
Nick Jones, who set up the company at the end of 2017, said it was aiming “to create a better, more equal global financial system.”
The crowdfund follows a string of milestones for the company as the global cryptocurrency market heats up amid renewed mainstream interest.
Earlier this month it formed a partnership with digital payments scale-up Modulr and it secured a £500,000 investment from Ilya Fund, adding to recent backing from Murray Capital’s David Murray and Coldplay musician Guy Berryman.
A major fund manager has recently forecast a fivefold increase in the value of Bitcoin by 2023 to around $40,000 to $50,000, having now overcome an initial “credibility hump”.