The venture capital division of IT-Google has funded cryptocurrency startup Veem. The investment round, which involved Google Ventures, was held yesterday under the leadership of Goldman Sachs.
In addition to the GV steel Veem investors Kleiner Perkins, Silicon Valley Bank, Trend Forward Capital and Pantera Capital. Within the framework of this round, the company managed to raise $25 million.
Veem specializiruetsya on delivery payment solutions for small businesses. Developed Veem system creates a direct “link” between Bank accounts, regardless of the country of registration of banks and eliminating the need for the services of correspondent banks. All transactions are made in BTC, with immediate possession of the bitcoin needed.
Besides the practical value and innovation attractive to investors is the rapid growth of the customer base Veem. In 2015, the number of users startup does not exceed 600; today, this figure rose to 80,000. Commenting on the increase in the number of customers, founder and CEO of Forsale Marwan (Marwan Forzely) said:
“The main point of this round is to understand how this is a big opportunity for investors as it is a big market and how significant the problem we are trying to solve. The growth we are experiencing now, is proof of that”.
Forsale did not disclose the exact terms of the agreements and the structure of the investment. However, it is reported that last September, the Veem profit increased four times. According to Forsale, this was mostly achieved thanks to the cooperation with services accounting: Quickbooks, Netsuit, Xero etc.
Google’s participation in this round was seen by the media as the next step to a more favourable for the cryptocurrency services policy. Yesterday, the advertising division of the Corporation has changed the terms of advertising for business-related digital assets, allowing certified exchanges to place ads on their sites.
