Bitreserve breaks crowdfunding record with £6.3m investment

Next-gen financial services company secures highest figure seen on Crowdcube.

Bitreserve has raised £6.3 million across crowdfunding platforms Crowdcube and Venovate, breaking the record for the sum raised on the former site.

The crowdfunding project has attracted investments from both sides of the Atlantic, with the US-based funding coming mainly through Venovate. The funding round closes to the crowd on 12 January and institutional investors at the end of the month. It is forecast that £7.9 million will be raised by then.

There have been more than 130 contributions from the crowd up to this point – raising more than £500,000. This equates to around 6% of the total money raised.

Bitreserve claims to be a business that allows Botcoin users to hold their digital currency as stable real-world currency but still spend it as Bitcoins. By doing this it hopes to remove some of the mystery that shrouds the cyber-currency community and causes distrust among some investors and business leaders.

The company’s president Tim Parsa called the experience of crowdfunding through Crowdcube and Venovate “a real pleasure”.

See more: The rise (and fall?) of P2P currency Bitcoin

“Raising venture capital has been secretive and elitist for far too long. We share Crowdcube and Venovate’s commitment to transparency and inclusiveness and we’re proud to welcome over 130 new investors to the Bitreserve family,” he said.

The Bitreserve funding round made it the 100th company to be funded on Crowdcube in 2014 – but the first ever digital currency company to do so. The site’s CMO and co-founder Luke Lang said that the hugely successful campaign showed that there is “real interest in the future of digital money”.

Finally, Venovate CEO Michael Raneri declared himself “delighted” to be involved in the “hugely successful” campaign.

“Bitreserve is at the forefront of redefining how the world uses currency, and we were excited to offer the qualified investors and advisors on our platform the chance to explore and participate in this type of opportunity,” he added.

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Related Topics

Venture capital funding