Bitreserve Beats Crowdfunding Target to Net $9.4 Million

 Bitcoin News

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Bitreserve has closed its fundraising campaign after exceeding its original target of $9.4m (£6m).

The final total, one of the largest recorded in the digital currency sector for a crowdfunded initiative, reached $9,620,802 (£6,363,024) after 157 “everyday” investors bought 11.27% of  the equity offered.

Tim Parsa, Bitreserve’s president of global strategy and markets said:

“It’s been a real pleasure interacting with the savvy Crowdcube and Venovate investor. 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 investors to the Bitreserve family.”

Twin platforms

The company had decided to list its equity offering on two separate platforms in a bid to ease the investment process for its members.

Crowdcube was used by UK-based members, while Venovate was the chosen platform for those who qualified as ‘accredited’ under US securities law.

The bitcoin storage platform, which launched the initiative in November last year, is the 100th business to reach its fundraising goal on Crowdcube. Notably, Bitreserve’s total beats the previous funding record on the platform, which was £1.9m

The firm has confirmed that its capital injection will be used to expand its engineering team, increase corporate hiring and support its international expansion.

‘Medieval’ system

While promoting its transparency features, including live accounting of its assets and obligations to its users, Bitreserve said that the opportunity to invest in the company “should not be limited to a few wealthy individuals or well-connected venture capital funds”.

In an earlier interview with CoinDesk, Bitreserve founder and CEO Halsey Minor explained that the company’s decision to finance through crowdfunding platforms was a “supplement” to other fundraising efforts.

“It is also an attempt to address the limited investment opportunities available to the general public for technology companies like this,” he said. “People should have a right to invest in innovation. There are so many things that are just fundamentally flawed. It’s like the finance system is still medieval”.

Luke Lang, co-founder and CMO of Crowdcube, commented on the campaign’s success:

“Bitreserve is the first digital currency company to raise on Crowdcube and the fact that it smashed its investment target demonstrates there’s real interest in the future of digital money”.

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