Total amount raised
$4.8 Million
Latest funding date
09/01/2022
Location
GoSats has successfully raised funds through three distinct funding rounds, attracting a diverse group of 30 investors, including notable names like Accel Atoms and Draper Dragon. The platform offers a unique 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 is a bitcoin rewards app that allows customers to earn bitcoin as cashback while shopping. The company operates in multiple industries, including Bitcoin, Blockchain, Cryptocurrency, FinTech, Lifestyle, and Shopping.
Based in Singapore, GoSats has a small team of 11-50 employees. The company is private and has raised funding through non-equity assistance.
GoSats is trusted by over 1 million Indians, indicating a significant user base and a focus on the Indian market.
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: Likely to support early-stage development and scaling.
- Seed Round
- Amount Raised: USD 700,000
- Date: August 2021
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: Initial growth and development of the platform.
- Seed Round
- Amount Raised: USD 4,100,000
- Date: June 2022
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: Enhance operations, refine product, onboard more brands, and develop cryptocurrency-based bonus API service brands.
Total Amount Raised: USD 4,800,000. Current Valuation: Not publicly disclosed.
Key Investors
- Accel Atoms
- Details: Accel Atoms is a major investor in GoSats, participating in multiple funding rounds. It is also listed as a lead investor in the non-equity assistance round.
- Investment Focus Areas: Technology companies, consumer, enterprise, healthcare.
- Notable Investments: Facebook, Slack, Dropbox, Spotify.
- Draper Dragon
- Details: Draper Dragon is a venture capital firm that invests in early-stage technology companies. It has participated in GoSats' funding rounds.
- Investment Focus Areas: Early-stage technology companies.
- Notable Investments: Baidu, Tesla, Skype.
- Y Combinator
- Details: Y Combinator is a well-known startup accelerator that provides seed funding, advice, and connections to early-stage startups. It participated in GoSats' pre-series A funding round.
- Investment Focus Areas: Technology startups across various sectors.
- Notable Investments: Dropbox, Airbnb, Stripe, Reddit.
- Gossamer Capital
- Details: Gossamer Capital is a venture capital firm that invests in early-stage technology companies. It participated in GoSats' pre-series A funding round.
- Investment Focus Areas: Early-stage technology companies.
- Notable Investments: Specific notable investments not mentioned.
- Soma Capital
- Details: Soma Capital is a venture capital firm that focuses on early-stage investments in technology companies. It participated in GoSats' pre-series A funding round.
- Investment Focus Areas: Early-stage technology companies.
- Notable Investments: Rappi, Razorpay, Lambda School.
What's Next for GoSats?
GoSats is poised to capitalize on the growing interest in cryptocurrency rewards and cashback programs. With plans to refine their product offerings and onboard more brands, the company is well-positioned to merge crypto investments as loyalty points, creating a unique value proposition for users. The recent $4 million pre-series A funding round underscores the potential for future fundraising to support these ambitious goals.
However, GoSats will need to navigate several challenges, including competition from other cryptocurrency rewards platforms and regulatory hurdles. Ensuring the security and reliability of their services will be crucial as they aim to maintain and grow their user base in a competitive market.
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