Filling the Piggybank: Coin Reportedly Raising Funds
Back in November, a new device called Coin started making headlines around the web, promising a technologically slick solution to put all your payment options in one place. As soon as it hit the scene, Coin raised its goal of $50,000 in pre-orders in less than an hour. The problem with big success in pre-ordering, however, is that you may not have the funds and resources available to satisfy demand. A post on TechCrunch today reports that the company is currently looking to raise funds from investors to get the necessary cash to fulfil all those orders.
According to the post, which cites “multiple sources familiar with the matter,” Coin has a $15 million target in Series A funding—“Series A” being the first round of fund-raising held by a company in return for preferred stock. In short, this if you’re not a co-founder or angel investor, Series A is the time to throw in with a company you expect to take off. The post also notes that Coin had managed to raise $1.5 million in seed funding to get off the ground. If Coin’s goal is in fact literally ten times higher than its seed funding amount, that would point to some solid promise for the start-up.
As of now, Coin is set to ship out to early adopters this summer, so it’s far too early to determine whether or not the device will actually deliver on its promise of consolidating all your payment options into one place. If nothing else, however, Coin seems to have the design and the buzz necessary to move a lot of units. I didn’t take the plunge by pre-ordering, meaning that if I decide to grab a Coin card after it’s actually released, it’ll cost a hundred dollars rather than the discounted pre-order price of $50. Hopefully, Coin will be so great that when it does launch, I’ll actually be willing to drop a hundo to join the all-in-one-payment fun.