Blockchain startup Colu has secured $14.5 million in new funding from a major business group in Israel.
contributed the funds both toward the company itself as well as the token presale for its Colu Local Network (CLN), which it unveiled last month.
The company – Israel's largest holding company – is involved in the finance and insurance sectors, and the partnership between the two firms will focus in part on retail payments. In statements, IDB indicated that the results of its work with Colu could wind up in products and services offered through its various business holdings.
Sholem Lapidot, CEO of IDB Development Corporation, said of the deal:
The CLN token, according to Colu, is intended to be used as a basis for local transacting, while at the same time serving as a kind of reward for retail payments.
"Partnering with IDB group is a vote of confidence in cryptocurrencies and the role they could play in the retail market," Amos Meiri, Colu co-founder and CEO, said in a statement.
That work on localized currencies was highlighted last year when Colu raised $9.6 million from a group of investors that included Aleph, Spark Capital, Digital Currency Group and former Thomson Reuters CEO Tom Glocer.
Disclaimer: CoinDesk is a subsidiary of Digital Currency Group, which has an ownership stake in Colu.
Funding image via Shutterstock