Vertex Market Secures $1.1 Million In Funds From Private Investors
We know raising funds for crypto-based projects is harder than ever. ICOs were extremely successful at one point but mostly due to the relentless waves of hype around cryptocurrencies. We don’t have that anymore and plenty of blockchain-based companies are currently struggling to raise any funds at all.
With this in mind, we always knew we need a new and better approach. Our recent and successful $1.1 Million fundraise is proof that crypto fundraising is very much alive. The funds were raised from a consortium of high net worth investors from Saudi Arabia.
The initial pre-money valuation was set at $2.2 million and the fundraising was announced only a few weeks ago and was completed by the end of March 2020.
The $1.1 Million raised will be used for the growth of the platform over the course of the next 12 months with most of the funds used in Marketing. Our main goal is customer acquisition with an initial target of 250,000 active users by the end of a 7-month period. We are currently creating a sustainable acquisition strategy designed to improve over time and allow us to reach our goals.
Another crucial mission is to become profitable, we hope to achieve this colossal task within 1 year because we are absolutely confident in the quality of our services and products. We already have a pipeline set for investors if we reach our goals for our next funding round which we are confident will be successful.
About Vertex
Vertex.Market is a peer-to-peer cryptocurrency marketplace available in more than 200 countries. We support a wide variety of payment methods including Paypal, Revolut, SEPA transfer and more.
Vertex.Market is a product of Vertex Capital (vertex-capital.io), a cryptocurrency asset management company with a focus on Middle Eastern clients, including Saudi Arabia, United Arab Emirates, Bahrain, and Kuwait.
