RoundlyX, a Richmond startup playing in the cryptocurrency sector, has raised a $2 million round to further expand its operations.
The company has a platform that allows users to round up their daily purchases to the nearest dollar and then apply that amount to cryptocurrency investments. Founders Andrew Elliott and Will Trible, who launched the company as Coin Savage in 2017, have previously said they aim for RoundlyX to be the Mint.com of digital assets, giving customers a place to manage their Bitcoin and other digital currencies — and invest responsibly.
The new seed round, as Elliott called it, includes return participation from the Virginia Innovation Partnership Corp. (which recently rebranded itself after being called the Center for Innovative Technology for decades) and Canada's Allied Venture Partners. The new round, which closed in January, also includes new investors Frontier Venture Capital of Boulder, Colorado; Riverbend Capital of Great Falls, Virginia; the Blockchain Founders Fund of Singapore; crypto collective Orange DAO; MCMA Ventures LLC of Broomfield, Colorado; New York's Gaingels; and others.
Elliott said in an interview RoundlyX's mobile app will be rolled out in about a month or so, which "is a lot of what drove the valuation" of the company to $20 million on pre-money terms, according to Crunchbase. VIPC and Allied Venture Partners led an $800,000 pre-seed round in 2021 and, with the new funding, RoundlyX has now hauled in $3 million in its lifetime.
"There's so much cool stuff going on in web3, and no central platform," Elliott said, adding that he sees integrating the RoundlyX platform into things like sports betting and gaming in the near future to bring more channels into the fold. "The traction is there."
