Monday, January 6, 2018 (Los Angeles, CA and Copenhagen, DK) Nordic Eye, Denmark’s pioneer VC firm bridging a new model for global investments with hands-on mentorship and guidance, today announced its lead in additional $4.8M bridge round investment in Coinify’s virtual currency platform. Coinify is the leading virtual currency platform which powers trading and payments in virtual currency for consumers, businesses and institutions alike. The company was founded in 2014 and is based in Copenhagen, Denmark.
Nordic Eye led the new round with an investment of $1.4M alongside SEB Venture Capital and SEED Capital Denmark. The investment was closed in late December 2017, and Coinify intends to use the capital as a further bridge round to the upcoming B-round planned for beginning of 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 $4M in A round. Following Nordic Eye’s first exit for the sale of Weblife to Proofpoint for $66M, the fund seeks to expand its technology and lifestyle companies collection into the fast-growing virtual currency 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.
This year has been an unprecedented maturation point for the virtual market, with Bitcoin preparing to list on NYSE and many other currencies such as Ethereum, Ripple and Litecoin coming of age. However, this largely unregulated market still remains a mystery to the average consumer and unsophisticated investor – therefore, platforms like Coinify have emerged to implement regulation, transparency and to streamline the virtual currency investment and trading process. Coinify provides a PSP (Payment Service Provider) tailored solution that accepts blockchain payments on behalf of merchants and enable 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.
“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.”
About Nordic Eye
Nordic Eye is a venture capital firm based in Copenhagen, DK and with a presence in Los Angeles, CA. They invest in carefully selected, primarily European and US early-growth companies in technology and lifestyle business industries. They seek companies that can scale globally where they can add maximum value while helping to deliver tremendous exit opportunities. The company’s portfolio of current investments includes 9 investments to date with several on deck. They either lead or co-invested along Goldman Sachs, SoftBank, Airbnb, City Ventures, IFC to name a few: Tattoodo, Boatsetter, CompareAsiaGroup, Organic Basics, Coinify, AirHelp and Bluetown among others. The firm is on track to quadruple its principal investment fund in 2018.
For more information on Nordic Eye’s diverse company portfolio, please visit http://nordiceye.com/portfolio/.
Image credits: VentureBest, Coinify and Nordic Eye