Colu raises $9.6m in Series A funding round

Investing | June 27, 2016 By:

Colu has announced that it has raised $9.6 million in Series A funding round.

The round, backed by Aleph, Spark Capital, Digital Currency Group and former Thomson Reuters CEO Tom Glocer, follows a $2.5m seed round in early 2015 that came at a time when the startup was focused on building out its underlying technology.

Colu is a two year old startup which uses its technology to allow local businesses to create their own currency. Local businesses can use their own created currency to strengthen the bond with customers. Colu clients can create their own currency using Colu’s blockchain-based technology without the need for a financial intermediary such as a bank or debit/credit card company.

“There are a lot of other use cases for colored coins, in music, in the Internet of Things, but what we saw after a while was that more than 60% of the use cases were for local currencies. This is where our market is,” said Colu CEO Amos Meiri.

Colu is an Israel based blockchain startup.