Nordic Eye, a Denmark VC firm for global investments with hands-on mentorship and guidance announced its lead in the additional $4.8 million bridge round investment in Coinify.
Also based in Denmark, Coinify provides a PSP (Payment Service Provider) tailored solution that accepts blockchain payments on behalf of merchants and enables merchants to receive local currency payouts. This means business as usual with the added safety, speed, and security of the blockchain – without hefty deployment costs for retailers or digital traders.
The investment was closed in late December 2017, and Coinify intends to use the capital as a further bridge round to an upcoming B-round planned for early 2018.
“We see Nordic Eye as a strong strategic partner in expanding Coinify’s operations in 2018. With their mentorship and global marketing expertise, we’ll be able to scale the business in specific regions exponentially faster for than we’ve already projected,” said Mark Højgaard, CEO, and Co-Founder of Coinify.
Coinify, with 30 employees and counting, has previously raised $4 million in its A round. Following Nordic Eye’s first exit for the sale of Weblife to Proofpoint for $66 million, the fund seeks to expand its technology and lifestyle companies collection into the digital asset space.
“We are not focused on the currencies themselves – we are focused on the blockchain technology that paves the way for the future of virtual currency as an investment commodity, and the ability to regulate and legitimize this fast-growing, often misunderstood market,” said Michael Tandrup, Partner, and Investment Manager for Nordic Eye.
“Cryptocurrency has broken the mold for government-agnostic virtual currencies, spawning a surge of new currency launches around the world,” said Richard Sussman, Managing Partner – Americas for Nordic Eye Venture Capital. “Coinify’s unique payment service platform offers turnkey and convenient payments access, secure transfer technology, and much-needed blockchain-based security for diversified cryptocurrency holders. Their technology combined with their superb executive team and its growth potential will make an excellent addition to our diverse investment portfolio.”