Nordic Bitcoin broker, Prasos has raised €2.5m ($3m) in equity funding to accelerate its expansion in Europe and develop cryptocurrency-based investment services for traditional investors.
The first million was raised at the beginning of December, 2017 after the equity offering was launched on November 9th on the Invesdor platform. The round was finally closed on the 23rd of December – 12 days before the official closure date.
Henry Brade, CEO of Prasos, stated: “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.”
Prasos offered up to 15% of equity and gained more than 1,000 new shareholders from Finland and abroad. The company plans to use the funds raised to invest in expansion in Europe, study potential company acquisitions in target markets, create a cryptocurrency investment fund and further develop its exchange services.
Brade added: “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.”