With expected revenue of €3M for the current fiscal year, the Finnish bitcoin broker Prasos aims to gain a leading position in Europe and reach €16M revenue in the next three years. To accomplish this, it is seeking funding on the Invesdor investment platform.
The first stage of the public round started on the 9th of November. The investment range is from €750,057 to €2,499,959 and in 7 days the company raised 35% of the minimum target from existing owners and private investors. Now the round has been launched to public participation.
"Since our first Invesdor funding round in 2015, our revenue has quadrupled and by the end of this fiscal year we are seeing our revenue increase at a faster pace. The company is currently highly profitable, but as the sector is growing rapidly, we need to invest in the international expansion with larger stakes," says Prasos CEO and co-founder Henry Brade. "We also want to further develop our investment services to regular investors that want to diversify their investment portfolios into cryptocurrencies."
"Our current shareholders have received the new round very positively and we have received new private and professional investors from Finland and from abroad," Brade comments on the start of the offering.
"Prasos has developed tremendously since its first funding round on the Invesdor platform, and we are very impressed with their growth," comments Invesdor CEO Lasse Mäkelä. "It's a very interesting time to be investing in companies that keep the bitcoin system running, and Prasos has established itself as a leading player in the field. There might be an interesting investment case to be made here."
During the internationalization process the management is supported by important investors and advisors that have extensive experience in strategic business development and cybersecurity. These include Alistair Milne (Co-Founder & Portfolio Manager at Altana Digital Currency Fund and Technology/Media/Telecoms (TMT) entrepreneur), Khalid Aziz (Telco and communication industry specialist with an extensive network of industry influencers), and Ville Oehman (Entrepreneur and investor based in Singapore, currently focusing on bitcoin, FinTech and cybersecurity sectors).
"The reason why I strongly believe in Prasos is because I think that the strategy and vision are right. The leadership is strong and the team is prepared to take the business to the next level," comments advisor Khalid Aziz. "We are very conscious and will continue being very conscious about the emerging challenges in the ecosystem. We need to continue being agile to succeed in such a fast moving environment."
Prasos wants to take cryptocurrency investing mainstream
The whole sector has developed strongly during recent years and the market is currently experiencing a clear shift to early mainstream adoption. Cryptocurrency-based investment products have been created, but the market is still at an early stage and the current exchange and investment services are not sufficiently mature.
"There is a great growth potential in the development of secure services oriented for regular investors. Prasos is focusing the resources on making the investment procedure as easy and convenient as possible for the investors and aim to achieve this goal by further developing its Coinmotion investment platform and by concurrently establishing commercial partnerships with traditional companies providing investment services," Brade envisions.
"We are the leading provider of Bitcoin services in the Nordic countries. The next step is to become the leader in Europe."