SINGAPORE — Singapore-based cryptocurrency copy-trading platform Alpha Impact has raised $3.1 million in a funding round led by LuneX Ventures, Genesis Block Ventures, Solidity Ventures, SMO Capital and an undisclosed high-frequency trading company, co-founder Hayden Hughes told DealStreetAsia.
Other investors in the round included Axia8 Ventures, Krypital Group, Spark Capital and angel investors.
Alpha Impact raised the $3.1 million through a private sale of its tokens, which it plans to list on the crypto exchange Uniswap in May. The investors — who have a lock-in period of six months — bought 15% of the company’s tokens, valuing Alpha Impact at about $20 million, Hughes said.
He added that unlike an initial coin offering, in which token sales target retail investors, this round of fundraising was done among only accredited investors and venture capital companies.
The fresh funds will be used to hire more people, particularly developers. Alpha currently has six employees but plans to increase headcount to 20 by the end of the year.
The startup was founded in September 2020 and just recently emerged from venture capital company Antler’s startup-generator program in January. So far, it has received $100,000 from Antler and has generated revenue through advisory work to family offices on crypto investing.
Hughes said that having blockchain and cryptocurrency-focused investors like Hong Kong-based Genesis Block Ventures and Singapore-based LuneX Ventures helps lend credibility to