Uphold closed its funding round on BnkToTheFuture.com over the weekend with $3.1 million in capital, clearing the platform's $2.5 million minimum target. The company issued 2.36% equity to investors,
Uphold closed its funding round on BnkToTheFuture.com over the weekend with $3.1 million in capital, clearing the platform's $2.5 million minimum target. The company issued 2.36% equity to investors, a level that marks both the highest valuation BnkToTheFuture has recorded and the second-largest single campaign total on the platform.
A July 2014 campaign delivered Uphold $2 million, making the fintech startup the platform's most-funded company across multiple rounds. Investors placed a $131,832,712 valuation on Uphold with this $3,111,252 round, 57.47% higher than the $83,716,833 they assigned in 2014 when paying $2,009,204 for 2.4%. Crowdinvestment valuations may not reflect market values.
These 113 investors averaged $27,533 each, well above typical crowdfunding campaigns. Similar dynamics shape other crowdinvestment rounds on the platform.
Halsey Minor founded Uphold, formerly BitReserve. Anthony Watson serves as CEO. The company describes itself as "the internet of money," enabling transfers across fiat currencies, commodities, and bitcoin. Uphold reports $630 million in transactions on its network to date.
BnkToTheFuture operates as a crowdinvestment marketplace, different from standard crowdfunding services like Kickstarter. Members receive equity stakes rather than products or rewards. The platform restricts access to qualified investors. It relaunched earlier this year with emphasis on cryptocurrency ventures. ShapeShift, Storj, and E-Coin have raised funds there. BitPesa's campaign has nine days remaining; Brave New Coin's, eight.
Uphold maintains a partnership with Voxelus, Minor's virtual reality creation platform.
