NZ crypto platform startup aiming to raise $1million
A Kiwi platform helping New Zealanders invest in cryptocurrencies is looking for investors of its own as it launches a $1million funding round in Wellington on Wednesday.
Invsta, a product created by online financial services company Ilumony, is taking part in the Kiwibank FinTech Accelerator: the second Kiwibank-sponsored Lightning Lab business accelerator focused on FinTech companies.
Invsta is a cloud-based investment platform which offers a range of crypto-traded portfolios (CTPs) to New Zealanders wanting to invest in a diverse range of cryptocurrencies and strategies easily.
"Until recently, investing in cryptocurrencies has been complicated, confusing, time-consuming and very technically challenging," co-founder and CTO Abhy Singla says.
"Invsta does the hard work for investors so that this is no longer the case.
On Wednesday, CEO and co-founder Rachel Strevens will take to the stage to pitch privately to investors before presenting to the public at Lightning Lab's Demo Day.
Invsta is aiming to raise $1million.
The company will use the money to grow its New Zealand user base before setting its sights on international expansion to markets such as Singapore.
Strevens and Singla, have been travelling around New Zealand, the US, and Asia in past weeks to learn, explore growth opportunities and meet with investors.
"The feedback we're receiving has been overwhelmingly positive," Strevens says.
"Cryptocurrency is one of the most exciting things to happen to the financial services space in decades and investors are very aware of that.
"Interest is higher than ever before with the record gains made by cryptocurrencies last year, so we're confident we'll be able to reach our target and close our round quickly.
Singla says there's strong investor interest in the startup because it's making cryptocurrencies more accessible to everyday investors than its competitors.
Strevens says the company's goal is to make cryptocurrency investment easily accessible to the everyday person.
"Our goal to position ourselves as the number one cryptocurrency investment platform in New Zealand and around the world makes us a very attractive proposition to investors who want to buy into our company.
Strevens says she's particularly looking to take on investment from people who have experience in the financial and cryptocurrency sectors.
"We definitely want smart money. We have ambitious goals and we're looking to build a team around us of people who share our vision and have the smarts and experience to help us get there.
