Atlanta-based apps and bitcoin company Fold has secured $2.5 million in seed funding, according to company database Crunchbase, topping the city’s recent funding headlines. The cash infusion was announced Sept. 25 and led by CoinShares.
According to its Crunchbase profile, "Fold is bringing bitcoin to the mainstream. Fold's first product, cardforcoin.com, allows users to trade in old gift cards for bitcoin. Fold's second product, foldapp.com, enables users to spend their bitcoin at Starbucks."
The six-year-old company has raised two previous funding rounds, including an $800,000 convertible note round in 2017.
The round brings total funding raised by Atlanta companies in apps over the past month to $56 million, an increase of $17 million from the month before. The local apps industry has seen nine funding rounds over the past year, yielding a total of $107 million in venture funding.
In other local funding news, energy and b2b company Covetool announced a $150,000 funding round on Sept. 26, financed by URBAN-X.
According to Crunchbase, "Covetool has developed a game-changing machine learning technology that helps users discover smarter ways to make their buildings energy efficient while saving on construction cost. The software builds smart, accurate models in a tenth of the time to help users explore a range of building alternatives and sort out the best one."
The company also raised an $800,000 seed round in 2018.
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