Story image

NZ crypto platform startup aiming to raise $1million

14 May 18

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.”

DigiCert conquers Google's distrust of Symantec certs
“This could have been an extremely disruptive event to online commerce," comments DigiCert CEO John Merrill. 
Protecting organisations against internal fraud
Most companies tend to take a basic approach that focuses on numbers and compliance, without much room for grey areas or negotiation.
Telesmart to deliver Cloud Calling for Microsoft Teams
The integration will allow Telesmart’s Cloud Calling for Microsoft Teams to natively enable external voice connectivity from within Teams collaborative workflow environment.
Jade Software & Ambit take chatbots to next level of AI
“Conversation Agents present a huge opportunity to increase customer and employee engagement in a cost-effective manner."
52mil users affected by Google+’s second data breach
Google+ APIs will be shut down within the next 90 days, and the consumer platform will be disabled in April 2019 instead of August 2019 as originally planned.
GirlBoss wins 2018 YES Emerging Alumni of the Year Award
The people have spoken – GirlBoss CEO and founder Alexia Hilbertidou has been crowned this year’s Young Enterprise Scheme (YES) Emerging Alumni of the Year.
SingleSource scores R&D grant to explore digital identity over blockchain
Callaghan Innovation has awarded a $318,000 R&D grant to Auckland-based firm SingleSource, a company that applies risk scoring to digital identity.
IDC: Standalone VR headset shipments grow 428.6% in 3Q18
The VR headset market returned to growth in 3Q18 after four consecutive quarters of decline and now makes up 97% of the combined market.