Glu, a UK-based cryptocurrency community platform, has launched an equity crowdfunding campaign on Seedrs. The company is offering 3.61% through the funding round, at an £8,006,530 per-money valuation. Founded in 2018, Glu is the community for all the world’s cryptocurrencies and tokens.
“Many of us are aware of the crypto revolution that is taking place. In the UK, a survey showed that 77% of people have heard of blockchain and yet only 9% have invested in any crypto assets so far. It can be a world full of jargon, mistrust and disjointed information. This is where Glu comes in. Think of us as ‘TripAdvisor’ for cryptocurrencies. We are here to help customers discover the world of cryptocurrencies and become more knowledgeable. We believe this will help them make smarter investments in this exciting, but often confusing world.”
Glu noted that its free-to-use service will provide information and user-generated reviews on thousands of different crypto platforms and products, with more being added every week. The platform aims to be the most trusted entry point into the world of cryptocurrencies.
“This is a market capable of generating significant growth over the next few years. In our view, this is similar to the rapid growth that the internet experienced in the ’90s and Glu is perfectly placed to take advantage.”
Funds from the Seedrs round will be used for the following:
- Product Development (41%): This includes product management, product design, software development and testing. Glu has a blended development team of UK and offshore developers; we aim to expand the engineering team from 7 to 12 over the next few months.
- Operations and Customer Support (26%): This includes the operation of the cloud computing platform and ongoing support agreements, customer support and customer onboarding. We will grow a team around our COO to ensure we provide a high level quality of service for customers.
- Sales and Marketing (17%): This includes a part-time Head of Marketing, agency costs and marketing events.
- G&A (16%): Includes executive salary, finance and audit, legal costs, office costs, telephone and Internet, gaining regulatory approvals in Luxembourg.
Since its launch, Glu’s funding round has raised more than £155,000 from nearly 75 investors. It is set to close in late August.