News and Announcements
Amber raising Bridge Round via SAFE Note
- Published August 08, 2019 12:00AM UTC
- Publisher Wholesale Investor
- Categories Company Updates
Amber is conducting a funding round to accelerate growth prior to large scale Series A capital raise. Details as follows.
Roadmap to Date:
2018:
- Founding team
- Proof of concept
- $1m Seed
- First crypto company in the country with investment from a major university (QUT)
- Core Product Development
- Acquired Fabric Corp – Payment & financial data tech
2019
- Commercialisation
- Public Beta in market (March)
- 1000 user validation (Product Market Fit, CAC + ARR)
- $5m AUD Series A for scale (late 2019/early 2020)
- $250k under management to date
- Growing at 30% MoM
- Expansion into UK + EU by Q4 2019
- Next step: scale + bridge funding
Bridge Funding
Amber is raising a pre-series A funding round via SAFE note, giving investors the benefit of acquiring shares in the company at a discount on Series A conversion.
Shares converted from the SAFE notes will be discounted by 30%. The total amount being raised is strictly limited to $400,000 AUD.
Amber qualifies as an ESIC, which entitles Investors to a 20% tax credits immediately, along with 100% capital gains offset (ie; tax free upside).
The benefit of a SAFE note is speed & transparency for both parties (company & investors).
This is a rare opportunity to participate alongside a line up of major international VC’s on Series A, whilst acquiring not only a discount on the share price, but a 20% tax rebate & 100% CGT offset.
Purpose
This bridge round allows Amber to accelerate their customer acquisition, and drive to their 10,000 user mark ($1m Annual recurring revenue) aggressively.
The $5m Series A, is then poised to drive toward the next major target; 100k users + expansion to UK + EU.
Status
$300k closed since announcing two weeks ago.
Parcel sizes as follows:
| Investment Range | ||
| Investor | Minimum | Maximum |
| Existing Investors | $2,500 | $50,000 |
| New Investors | $25,000 | $100,000 |
| Total | $200,000 | $400,000 |
About Amber
Amber is a Bitcoin exchange, wallet & micro-investment app – all in the palm of your hand.
We’re leveraging the world’s fastest-growing and best-performing asset classes to deliver a mobile-first, automated investment platform for the retail market. We’ve chosen to begin with bitcoin because of its inherent asymmetries, open access, security guarantee & the fact that it’s digitally native.
Amber is a rare opportunity to get exposure to this market by investing in the infrastructure, or “shovels” being built on and around the most exciting new asset in the world today.
Company Updates
Forget Startups: Why Magnetic Alliance is Betting on “Boring” Mid-Market Turnarounds
While Australia’s venture capital scene spent years chasing unprofitable tech startups and speculative high-growth plays, Mark Lim was quietly taking a radically different path. The Managing Partner of Magnetic Alliance Capital sees the nation’s richest investment opportunities hiding in plain sight: inside thousands of unglamorous, profitable, but operationally sluggish mid-market businesses. Speaking on Wholesale Investor’s […]
The asset class where the market has no vote
Litigation funding returns are decided in a courtroom, not a cycle. Knightsbridge’s Head of Capital is careful to call that a different risk rather than a lower one, and his answer to it is spread, not concentration. Most alternative assets still answer to something. Property answers to rates. Private credit answers to defaults. Even the […]
The listing fee vendors pay whether the house sells or not
Australia’s property portals collect more than $2 billion a year while national listings sit flat. An Australian-built AI platform is targeting the economics, not just the interface. An Australian vendor listing a home pays a vendor-paid advertising fee on top of agency commission. Rama Dwarapudi, Founder and Chief Executive Officer of RealSearch, puts a typical […]
Backed By Leading Investment Groups and Family Offices
