Israeli Blockchain Company Colu raises USD $9.6 Million

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Blockchain startup from Israel Colu has raised $9.6 million USD, from investors including Aleph, Spark Capital, Digital Currency Group and former Thomson Reuters CEO Tom Glocer.

In early 2015 the company raised $2.5 million in a seed round and the latest round lifts the amount they have raised to $12.1 million.

Colu pivoted from their focus on colored coins technology to a specific use case that was the most in-demand among its users  which is to target local currencies that help small businesses and improve local economic growth by eliminating the dependence of the business on the bank or credit card company and make a direct path between buyer and seller

Colu has created digital currencies for two Tel Aviv neighborhoods – Jaffa and Florentin. The digital currency is linked to the shekel and is according to the company the Israeli digital equivalent of cash. The company says that its platform is already in use by municipal authorities in Barbados and Brazil.

Colu CEO Amos Meiri told CoinDesk:

“There are a lot of other use cases for colored coins, in music, in the Internet of Things, but what we saw after a while was that more than 60% of the use cases were for local currencies. This is where our market is.”

“We have the wallet and we have a control panel where the manager of the local economy can issue a distributed currency, gain access to data about the economy and manage it from one place.”

Founded in 2014 and based in Tel Aviv, Colu has 24 staff will grow its workforce to 30.

Richard Kastelein

About Richard Kastelein

Founder, Publisher and Editor in Chief of Blockchain News and co-founder and director at Blockchain Partners in London/Amsterdam/NYC, Richard Kastelein is also an advisor with a number Blockchain startups doing ICOs including DECENT.ch, Inchain, Humaniq, Chronobank, eGaas and others.

He is regarded as one of the top journalists by the Blockchain and fintech communities – as is evident by his entry in the Top 150 Fintech journalists online and in the top 10 of the Blockchain Top 100 List. As a prominent keynote presenter, he has spoken on Blockchain at events in Gdansk, Amsterdam, Minsk, Dubai, Antwerp, Eindhoven etc, where he helped spread the cause for Blockchain technology and crypto-currency and, consequently, has built a notable network inthe scene.

In 2013, the European Commission appointed him as an expert for overseeing financing for emerging startups as a part of the European Commission’s 90 billion euro Horizon 2020 project, created in Brussels to promote innovation as a driving force of job creation and business ventures across Europe. He has also worked as an external expert for Innovate UK since 2012, judging startups for the UK government.

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