Helsinki-based Bitcoin broker Prasos has raised €2.5m in equity funding in order to expand its services throughout Europe and to develop cryptocurrency based investment services for traditional investors. The firm offered up to 15% of equity and found more than 1,000 new shareholders from Finland and abroad.
Having launched the equity offering on the equity crowdfunding platform Invesdor in early November, Prasos reached the first million at the beginning of December, with investors adhering the last million of the 2.5 million euro cap during only six days as fear of missing out started to speed up investments. The round was closed 12 days before the official closure date.
Henry Brade, Chief Executive Officer of Prasos, said: “We have a very positive view of the future of our sector and expected the round to be successful, but the reception that we received in the market exceeded all our expectations. We are very satisfied with the result and grateful for the confidence that all our investors have placed in us. Our company has challenging work ahead and this capital boost will help us to gain better results faster.”
“The general interest towards cryptocurrencies has increased significantly, but the current services are not very user friendly. We have invested heavily in the security of our services and we want to make the investment procedure as easy as possible for regular investors entering the market.
“The sector is quite complex especially for non-tech-savvy investors and therefore the development of a traditional investment product that combines the cryptocurrency market and our knowledge about the different technologies is very interesting and has clear demand”, Brade added.
Prasos intends to use the raised capital to fund its European expansion plans, study potential company acquisitions in target markets and further develop its exchange services to lower the barrier for traditional investors to enter to the market. In the future, the company plans to develop a Cryptocurrency Investment fund.
The company is eyeing a potential future listing on the Nasdaq First North marketplace for the next time it needs investment.
