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Author Topic: [2015-12-08] Bitcoin startup BitX rings in funding from Venturra Capital  (Read 213 times)
ezak (OP)
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December 08, 2015, 02:12:24 PM

Bitcoin startup BitX rings in funding from Venturra Capital

Singapore-based bitcoin startup BitX has raised a round of funding from Venturra Capital, it announced today.

BitX previously raised US$4 million for its series A round in July. That round was led by South African media conglomerate Naspers and joined by investors like the Digital Currency Group, a bitcoin-focused investor founded by cryptocurrency stalwart Barry Silbert.

The amount is undisclosed at the moment. “It’s a substantial amount and what we believe to be the first substantial investment from a Southeast Asian VC into a bitcoin company,” Marcus Swanepoel, CEO and co-founder of BitX, tells Tech in Asia. He does share that Naspers is still the startup’s largest institutional investor.

The funding will allow BitX to speed up a number of activities it started with its series A funding. These include recruitment, product development, and entering new markets. “We’ve seen some really strong growth over the past three months so having additional cash to help drive these initiatives and ultimately result in an even better customer experience is very useful,” Marcus says. He confirms that the funding is 100 percent available to the company.

See: Meet BitX, perhaps the slickest and easiest-to-use mobile Bitcoin wallet yet
Venturra, a US$150 million fund for businesses in Indonesia and Southeast Asia, debuted a few months ago and has since announced a number of investments like Indonesian beauty ecommerce site Sociolla and Malaysian services startup Kaodim. Marcus says the VC is an important partner for BitX for its plans, especially when it comes to building ecosystems. “This is where their relationships and access to companies that can help us enable these ecosystems is key,” he says. Additionally, the VC has valuable expertise in helping BitX localize its services for Indonesia, a market it entered in early 2015.

“BitX has an exceptional team that combines deep technical expertise and commercial acumen. They have proven they can build innovative products and strong traction in a rapidly emerging industry,” Stefan Jung, co-founder and managing partner at Venturra Capital, says in a statement.

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