Payments network Colu has closed its ICO on $19.1m, after the sale of 239 million CLN tokens.
Spark Capital, IDB Group and Aleph VC were among those to take part in the pre-sale. The sale didnt hit its $50m hard cap, but the company is happy with the amount it raised, according to a blog by the company.
The company has also raised an $8.6m equity investment from IDB Group and a group of other unnamed investors. This was raised to support the development of its product, and combined with the ICO, brings the funds raised to $27.5m.
Colu is a payments network that helps process transactions with cryptocurrencies. The network offers incentives for end-users and developers which rewards transactions within the community. Clients that use CLN will also be able to offer POS financing to their customers and process payments including invoices, recurring transactions and one-off deals.
The company also offers a digital wallet, which helps users make instant payments from their phones to local businesses.
Following the funding close, the company is looking to develop tools for its network and will work with the Colu Wallet to issue community currencies.
Colu Wallet reportedly raised a $14.5m investment from IDB Group at the end of last year split between an equity injection and contribution to the pre-sale.
Last year, Spark Capital closed its second growth fund on $606m, a SEC filing stated. The firm previous investment vehicle closed in 2013 on $375m, and supported follow-on investments in existing portfolio companies.
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