Prasos raised €2.5m in equity funding to boost its expansion in Europe and to develop cryptocurrency based investment services for traditional investors.
The equity offering was launched on the Invesdor platform on November 9th and the company reached the first million at the beginning of December. The investment pace kept growing and the last million of the 2.5 million euro cap was invested during only six days as fear of missing out started to speed up investments. Finally the round was closed on 23rd of December - 12 days before the official closure date.
“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,” comments Henry Brade, CEO of Prasos.
In this round Prasos offered up to 15% of equity and found more than 1,000 new shareholders from Finland and abroad.
Future plans include expansion to new markets and launch of a Cryptocurrency Investment fund
During the following years the company plans to invest in expansion in Europe, 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. Prasos's future vision is ambitious and it also plans to develop a Cryptocurrency Investment fund.
“The general interest towards cryptocurrencies has increased significantly, but the current services are not very user friendly," Brade adds. "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.”
The current investment round was the latest phase in Prasos’s plans as the company eyes a potential future listing on the Nasdaq First North marketplace.