Another company, formed to serve the blockchain and digital securities sectors, has announced the successful completion of their Series A raise. This event saw Berlin based, Upvest, bring in funds to the tune of €7 million.
Upvest specializes in developing application programming interfaces (APIs), which allow for their clients to implement and utilize blockchain based services. A focus of Upvest is to service the burgeoning digital securities sector, as they look to bring simplicity to asset tokenization with their services.
CEO, Martin Kassing, touched on the company’s successes throughout 2019, upon announcing the closure of their Series A, by stating the following,
“It is the optimal outcome of a busy and challenging, yet very rewarding year 2019. Since launching our APIs in February, we’ve been able to engage over 1500 developers testing out our APIs, coming from over 80 countries. But it didn’t stop with testing, and we’re super excited about the results. We’ve got 20+ customers building real-world use cases on the blockchain using Upvest’s technology, most of them traditional fintechs and asset tokenization platforms, such as Exporo and Brickblock.”
During their Series A, there were various companies which saw the potential in what Upvest looks to achieve. The result was a round, led by the following companies.
- Holtzbrinck Ventures
- Notion Capital
Venture capitalists don’t simply hand over money to early stage companies on a whim. For an event such, as a Series A, to be successful, a company must have a clear plan as to how they will grow their operations with funding.
With this in mind, Upvest has elaborated, to the public, on what its intentions are for the €7 million raised. The following is an excerpt from their announcement, doing just that.
“Our challenge is not only building easy-to-use blockchain APIs, but rather a product which needs to fit the regulatory environment, without sacrificing on security or user experience. First, our focus will first be on making existing services as reliable and scalable as possible before extending our solution in the dimensions of tech, security, and legal. The long-term goal is building a more open and inclusive ecosystem to build amazing fintech applications.”
Operating out of Berlin, Germany, Upvest is a service provider for the blockchain and digital securities sectors. Since being founded in 2017, Upvest has managed to attain promising levels of adoption. They state that they have…‘20+ customers building real-world use cases’ through their tech stack.
CEO, Martin Kassing, currently oversees company operations.
In Other News
Over the past few months, we have seen an increasing amount of Series A raises come to a successful close. A promising sign, indicating that early-stage VCs see the potential in the sector.
The following articles are a couple examples of this, as Securitize and Bison Trails recently reported similar events.