Investment from Kuala

We are pleased to announce that Kuala Innovations Limited, an investment company run by Stephen Dattels and Jim Mellon (@jimmhk) supplied us with €160K seed funding. This strategic investment is part of a larger funding round lead by our London-based advisor Coinsilium, who also introduced us to Kuala and gave us fantastic support throughout the process.

Details of the seed funding round are expected to be released by the end of October 2015, but due to the fact that Kuala is publicly traded (KUL:LSE) at the London Stock Exchange AIM market, this part of the deal is announced immediately after signing — and in great detail. Read the full announcement. (Spoiler alert: contains valuation for this round!)

With this investment Kuala’s Jim Mellon, referred to as Britain’s Warren Buffet by some (which he doesn’t like) is supporting his words with actions. In his recent book Fast Forward he dedicates a whole chapter to payment processing, explains Bitcoin to the layperson in great detail and briefly touches other cryptocurrencies including Ethereum. He and his co-author Al Chalabi conclude: “Merchants and consumers alike will slowly feel more comfortable with the concept of a crypto-currency and, barring any security scares, Bitcoin and/or others will slowly gain traction.”

We are proud to have Kuala on board and are looking forward to their ongoing support. We will use their funds to push product development and for launching our upcoming nanopayments platform for content publishers. Sign up for our beta announcement at satoshipay.io, or if you are a blogger and want to use the platform through our WordPress plugin prior to our public launch, please contact us directly.

Meinhard Benn, Chief Satoshi Counter