Corporate Finance News

Mercredi 6 Avril 2016

Bitcoin: Bitwala receives €800k in seed funding

The Bitwala team is proud to announce that we have finally closed our very first funding round on March 15th 2016!

Having bootstrapped many bitcoin ventures within the European Bitcoin community, the Bitwala founding team have always been self-funded since the very start in 2012. The team is really proud of all it has achieved without any external funds. The team has collected over 10,000 customers and secured millions of Euros in transfer volume in Africa, Asia and Europe with all its companies.

In one of the weekly meetings half a year ago, the team decided that Bitwala would be the first project where external funds would be needed to make the company a global success. The team started reaching out to VCs all across Europe and the United States. The team had the chance to travel, meet a lot of interesting people and gained much more knowledge and experience in the process.

Lots of laughs, frustrations, and (just a few) tears were shared and shed in the process. Despite the hard times, the team was super happy and excited to reach this milestone. The fundraising process was an exhausting yet incredibly fun and interesting adventure for the whole team.

Special thanks to my Co-founders Jan and Ben, it has been a pleasure to go through this with you guys and we could have never done it without you both. – Jörg von Minckwitz, CEO

After countless pitches, meetings, phone calls, hangouts and discussions the team was finally there. The Bitwala team is super excited to announce its first seed investment round.
It is not only about the amount we raised, it is also about the partners and how we work together.

Gaining as much money as possible was never the Bitwala team’s biggest goal. Bitcoin/Blockchain technology is super hot at the moment. More and more VCs all around the world wants to get their hands on Bitcoin or Blockchain applications. With that in mind, Bitwala’s main goal was to secure and maintain long-term partnerships.

The team believes that it has successfully build relationships with the best partners which includes the largest German VC investment firm HTGF (High-Tech-Gründerfonds). HTGF has around €500M under management and over 400 startup investments under its belt. With that incredible portfolio, HTGF focuses on innovative disruptive ideas that are located in Germany.

The team is also super excited to have Barry Silbert and the Digital Currency Group (DCG) on board the funding round. There is not a single VC who is more involved in Bitcoin and Blockchain startups than DCG. As CEO and founder, Barry Silbert and the Digital Currency Group have funded over 50 investments across 17 countries. Silbert is arguably the most famous and smartest Bitcoin & Blockchain investor on this planet. The team has been following him and his investments since we could remember, which is why we are super proud and pleased to have him onboard as a Bitwala investor.

Bitcoin is disrupting how finance is done today. We are really happy to be a part of it and very excited to bring game-changing features and services to the market.

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