Total amount raised
$4.8 Millions
Latest funding date
09/01/2022
Location
GoSats has successfully raised funding through multiple rounds, with notable investors including Accel Atoms and Draper Dragon. The company offers a bitcoin rewards app that allows customers to earn bitcoin as cashback while shopping.
Keep reading to explore the intricacies of GoSats' fundraising journey and the investors backing this innovative platform.
What Is GoSats?
GoSats, founded on February 19, 2021, is a bitcoin rewards app based in Singapore. The company operates in the Bitcoin, Blockchain, Cryptocurrency, FinTech, Lifestyle, and Shopping industries. It was founded by Mohammed Roshan and Roshni Aslam.
With a team of 11-50 employees, GoSats aims to simplify the process of earning bitcoin by offering cashback rewards on shopping. The platform is trusted by over 1 million Indians, helping them passively invest in bitcoin through everyday purchases.
How Much Funding Has GoSats Raised?
- Non-equity Assistance
- Amount Raised: Not publicly disclosed
- Date: September 2022
- Lead Investors: Accel Atoms
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand services and enhance technology.
- Seed Round
- Amount Raised: $4.1M
- Date: June 2022
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To level up operations and services, refine the product, and onboard more brands.
- Seed Round
- Amount Raised: $700K
- Date: August 2021
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support the initial growth and development of the platform.
Total Amount Raised: $4.8M. Current Valuation: Not publicly disclosed.
Key Investors
- Accel Atoms
- Details: Accel Atoms is a prominent venture capital firm known for investing in early-stage and growth-stage companies. They have a strong presence in the technology sector.
- Investment Focus Areas: Technology, FinTech, Consumer Internet
- Notable Investments: Not publicly disclosed
- Draper Dragon
- Details: Draper Dragon is a venture capital firm that focuses on investing in technology startups. They are part of the Draper Venture Network.
- Investment Focus Areas: Technology, Blockchain, FinTech
- Notable Investments: Not publicly disclosed
- Y Combinator
- Details: Y Combinator is a well-known startup accelerator that has funded many successful startups. They provide seed funding and support to early-stage companies.
- Investment Focus Areas: Technology startups across various sectors
- Notable Investments: Dropbox, Airbnb, Stripe
- Gossamer Capital
- Details: Gossamer Capital is a venture capital firm focusing on early-stage investments. They aim to support innovative startups.
- Investment Focus Areas: Early-stage technology startups
- Notable Investments: Not publicly disclosed
- Soma Capital
- Details: Soma Capital is a venture capital firm that invests in technology startups. They focus on supporting companies with high growth potential.
- Investment Focus Areas: Technology startups
- Notable Investments: Not publicly disclosed
What's Next for GoSats?
GoSats is poised to capitalize on the growing interest in cryptocurrency rewards and cashback programs. With over 150,000 registered subscribers, the company has a significant user base to build upon. Opportunities abound in refining their product, onboarding more brands, and developing cryptocurrency-based bonus API services. These initiatives could significantly expand their market reach and user engagement.
Future fundraising seems promising, given their recent successful rounds. As GoSats continues to grow, additional funding will likely be sought to support their expansion and technological advancements. However, challenges such as competition from other platforms and regulatory hurdles in different markets could pose obstacles. Ensuring platform security and maintaining user satisfaction will be crucial for sustained growth.
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