Despite the recent crash, investors are still privately investing in crypto. Zurich-based bitcoin app Relai raised €2.16 million in its latest funding round. The investment was led by Redalpine, with additional backing from Polytech Ventures, Bitcoin-focused Fulgur Ventures, and ACE & Company.
More than 850 investors joined the table to contribute an additional €970,000, surpassing Relai’s target of €1.5 million by more than €600,000. The funding round will allow Relai to continue expanding its user base across Europe, where the app has already been downloaded more than 100,000 times.
Going forward, it has plans to increase the number of currencies people can use to invest in bitcoin. It is also looking at launching a bitcoin debit card that rewards users with bitcoin every time they use it to make fiat purchases.
Julian Liniger, CEO and founder of Relai, said: “Beating our target by almost €700,000 and welcoming more than 800 new investors to the table has been a highlight of the Relai journey so far. We’ve got ambitious plans to scale our user base. We will continue to innovate our app and products to give our users an even better experience.”
Since the startup launched in July 2020, the app has been downloaded over 23,000 times and is actively used by more than 10,000 paying customers.
Peter Niederhauser, co-founder and partner at Redalpine, said: We aim to help accelerate the mass adoption of crypto by easing access to its leading currency, Bitcoin.