An $800,000 investment led by the Center for Innovative Technology is giving Richmond startup RoundlyX the runway it needs to expand operations internationally.
Richmond-based RoundlyX, co-founded in 2017 by Andrew Elliott and Will Trible, closed the round in late April. In addition to CIT's investment, Elliott said the round had significant participation from Allied Venture Partners and other fintech CEOs from across the country.
CIT also invested an undisclosed amount into the startup last June. In the last 12 months, Elliott said RoundlyX has raised more than $1 million in capital.
The startup, formerly named Coin Savage, allows cryptocurrency investors to round their daily purchases to the nearest dollar, and apply the amount to their cryptocurrency investments. Elliott told Inno that RoundlyX aims to be the Mint.com of digital assets, giving customers a place to manage their bitcoin and other digital currencies — and invest responsibly.
Elliott said he attributes the startup's ability to raise the round to Pax Momentum, a B2B-focused accelerator. The RoundlyX team was a member of Pax Momentum's 2020 cohort.
"The big break came when we got into Pax Momentum," he said. "We exited that demo day and met some investors who would eventually complete the $800,000 round, again led by CIT."
The funds, Elliott said, will be used to launch a mobile app in late 2021 that will enable the company to expand across Europe.
"That's our big technical push," he said. "This mobile push will entail an architectural relaunch, so we'll be more prepared to onboard users. It will come with a big redesign."
"Our cost of customer acquisition is in line to aggressively grab users above what we're taking on every day right now," Elliott added.
RoundlyX had about 20,000 users last summer. Elliott said he expects to eclipse 50,000 users by the end of the year.
"I'm looking forward to the European launch ... There's demand there with the UK and German residents who really want the service," he said. "Nobody else is really doing it the way we are, which is how we're growing rather quickly. The exchanges get more active users, users get the tools they want, and we get our subscriptions."
