Colu raises $14.5m from prominent Israeli business group IDB

Tel Aviv, Israel-based blockchain technology firm and digital, localized currencies wallet app creator Colu has raised $14.5 million from Israel’s prominent business group, IDB Group, as an investment in the company and its CLN (Colu Local Network) token presale launched a month ago, according to an email CoinReport received from Blonde 2.0, Colu’s PR company.

IDB Group holds leading corporations in crucial corporate areas together with an ever-growing worldwide presence through a varied portfolio.

The partnership between Colu and IDB Group is a huge step towards linking the conventional retail market with a fast growing blockchain-based payment system, says the email we received, adding it is also very exhilarating that such a large publicly traded corporation has invested in a crypto startup.

Colu has already secured a considerable amount from such investors as Spark Ventures, Aleph Ventures, former Thomson Reuters CEO Tom Glocer, behavioral economics expert Professor Dan Ariely, who will also serve as the company’s chief behavioral economist, among others. Another noteworthy figure who is acting as an advisor to the company is renowned Uber investor Bradley Tusk.

In a press release on its PR firm’s website, Colu says it has been actively participating in the blockchain space since 2014, and its digital wallet app, which was launched in early 2017, is now operating in four cities in the UK and Israel with 100K users and over 85K monthly transactions.

The CLN token aims to enable any community to develop a localized currency and employ it as a reward for local consumption made with fiat. Through forming an improved, more transparent payment system and fortifying the sense of shared accountability in the community, the CLN wants to boost local spending and assist in keeping more money circulating in the community, consequently manifolding the local economic activity.

“Partnering with IDB group is a vote of confidence in cryptocurrencies and the role they could play in the retail market. This strategic partnership with a group that has an avid commitment to the community, like we do, represents a big step towards expansion in Israel. We are excited to collaborate with the IDB’s team and look forward to making local economies flourish,” said Colu co-founder and CEO Amos Meiri.

IDB Group CEO Mr. Sholem Lapidot commented, “IDB believes that Colu will help to support the growth of blockchain technology as a real life payment method. We strongly believe that crypto technology will play a key role in the future form of payment for goods and services and we are thrilled to be rolling out plans for increased innovation in our diverse industries, with the help of Colu. This investment, among others, is part of our genuine vision to integrate between the traditional and the new economy, combining customer centric approach with technological progress.”

Image via the press release