Ember Fund, a crypto investment application available notably in the UK and the US, raised funds under a crowdfunding scheme. The campaign was carried out in compliance with the rules set by the US Securities and Exchange Commission (SEC).
The start-up organized and held the fundraising in accordance with the SEC’s Reg CF, a regulation that allows registered companies to raise a maximum of $1.07 million over a 12-month period.
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The initial goal of Ember Fund was to raise $500,000
According to the company’s CEO, Alex Wang, the company’s goal was to raise $500,000. However, he noted that the target amount shifted during the sale. The fund decided to increase the allocation due to the presence of “new growth channels to deploy capital.”
“Our initial goal was only to raise $500,000, but we increased allocation because as the sale went on, we saw new growth channels to deploy capital,” Ember co-founder and CEO Alex Wang said.
Wang added that the platform would seek to deploy the new capital on its customer acquisition programs. The company, which launched its services last year, is also looking to develop its smart contract technology to power the application.
“We will be aggressively deploying this capital on customer acquisition and building out the smart contract technology that powers the Ember app,” said Wang.
Ember Fund offers pre-verified crypto portfolios
Ember Fund managed to raise $591,000 on the Republic investment platform through the sale of SAFE securities as part of a crowdfunding project that closed on March 31st.
Other participants in the sale included Gil Penchina of Flight Ventures, the junior venture syndicate that also invested in the Ripple and LinkedIn blockbuster. Ember also raised funds from Growth Technology Partners through David Weisburd, as well as Kleiner Perkins.
SAFE (Simple Agreement for Future Equity) is an investment agreement in which investors have a stake if the company in question is acquired or listed on the stock exchange.
Ember Fund has steadily increased its client base as it offers users an easy way to invest in crypto-managed assets. Users do not need to hold the assets. The non-depository offering differs from its custodian counterparts in that all transactions occur in a chain, allowing users to retain full control of their investment assets.
Approximately 20,000 people are registered on the application, with up-to-date deposits in excess of $6 million and total transactions of up to $20 million. According to the company’s CEO, the main markets for Ember Fund are the US, Australia, Canada, the UK, Spain, and France.
The company currently offers pre-verified crypto portfolios including Quant Fund, Marius S-Tier Fund, Big 3 Weighted Fund, DataDash Index Fund and Ember 5 Weighted Fund.
Compared to Bitcoin (BTC), the company’s Marius S-Tier returned 23.4% in the first four months of 2020. Similarly, its Quant Fund returned 29.5%. BTC has seen its value increase by 20.9% since the beginning of the year.
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First published in COIN24, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
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