VNX Exchange, a Luxembourg-based asset backed token issuance platform has announced a new offering: the syndication of an investment round into Sprii.com, a Dubai-based e-commerce platform, by Luxembourg Venture Capital (VC) fund 2be.lu.
This USD $2.5 million offering on VNX, forms part of the USD $7.5 million new funding round of Sprii, one of the fastest growing e-commerce platforms in the Middle East. As a part of the round, Luxembourg-based VC fund 2be.lu, a long-standing investor of Sprii, has subscribed to the convertible notes issued as a part of the new financing round and has offered financial investors an opportunity to join the investment through VNX platform.
Alexander Tkachenko, CEO and founder of VNX Exchange, commented: “We help lead investors to syndicate deals on the platform, increasing the amount of money they deploy in the deal. Financial investors on the other hand have access to unique deal flow of professional investors”.
Founded by female entrepreneur Sarah Jones in Dubai in 2014, Sprii is an award-winning online shopping platform for mothers' and children's products operating in the Middle East. The company offers more than 90,000 authentic products from over 3,000 global brands for its one million customers in the United Arab Emirates (UAE), Saudi Arabia and Kuwait.
Sprii has successfully raised over USD $14 million in previous funding rounds. The new funding will be used to further expand its operations to Bahrain, Oman and Qatar.
Sarah Jones, Founder and CEO of Sprii, said: “We are excited that 2be.lu has joined the latest round of Sprii and it’s great to see the emergence of new investment platforms making it easier for investors to participate in the funding of high growth startups around the world”.
VNX Exchange is one of the few working European blockchain-based FinTech platforms. Launched in November 2019, the company allows issuance of digital assets (a token issued and recorded on blockchain) backed by income deriving from equity and debt based instruments. It is an end-to-end platform which allows lead investors to syndicate deals.
Vadim Anchugov, COO of VNX Exchange, explained: “Blockchain technology and smart contracts have the power to transform financial markets. It provides a new level of transparency and process automation and in our case helps connect investors with investment opportunities around the globe 24/7”.
Michael Jackson, member of the VNX Exchange advisory board, former partner at Mangrove Capital and former COO of Skype, concluded: “With scaling its operations, VNX demonstrates the new working model, which is not competing, but complementing traditional VCs with a new effective tool to attract additional capital for emerging high potential companies. It’s the case where blockchain serves as a technological solution to create digital assets, which is an easier alternative instrument to invest in and paving the way for a new financial future”.