CIT GAP Funds Makes Follow-On Investment in RoundlyX to Help Users Better Manage Digital Asset Portfolios
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Latest investment helps support user growth in response to the increased popularity in Bitcoin and other digital assets
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Richmond, VA, March 11, 2021 (GLOBE NEWSWIRE) -- The Center for Innovative Technology (CIT) today announced that CIT GAP Funds has made a follow-on investment in Richmond, Va.-based RoundlyX, a digital asset wealth management platform. Since its initial GAP Funds investment in May 2020, RoundlyX has expanded its service beyond the United States, with users now able to connect to any European or UK bank and round up their spare change into digital assets. The fintech startup plans to use this latest investment to support its continued user growth, which is now accelerating in response to the increased popularity in Bitcoin and other digital assets.The emerging digital asset class suffers from a lack of mainstream retail investor infrastructure. Access to responsible investing tools, content, and services are still nascent in the digital asset space. Generation Z is living an even more digital lifestyle than their Millennial peers, creating a need for a place to manage digital wealth. RoundlyX is solving this need by offering a platform that connects to existing digital asset exchange infrastructure.“Over the last year, we have seen just how big of an opportunity is in front of us. At the start of Summer 2020, we were handling several thousand dollars in orders per day. By the end of the year, we were handling 10 times that,” said Andrew Elliott, CEO and Co-Founder of RoundlyX. “As digital assets become more mainstream, our company will continue to grow to keep pace with the user interest. We thank CIT for their continued support in our journey.”Will Trible III, CTO and Co-Founder of RoundlyX, added: "Looking forward, the adoption of digital assets will only continue to grow, here at home and globally. We’re excited to build part of that future for our users.”Due to the nature of digital assets, most investors have multiple and scattered exchanged accounts. RoundlyX users can manage their digital asset portfolios via one dashboard with access to tools such as “Roundup Investing”, curated content, and aggregated services. RoundlyX aims to help users manage their digital asset holdings in one place and invest responsibly.“Andrew, Will, and the entire RoundlyX team have done an outstanding job over the last year preparing for widespread adoption of digital assets. The simplicity of their app allows anyone to invest in Bitcoin, and given widespread interest in cryptocurrencies as an asset class, more users will be flocking towards this service,” said Alex Euler, Investment Director, CIT GAP Funds. “With their recent expansion into global markets, RoundlyX is set up for a very successful 2021. We look forward to following their continued success.”About RoundlyX The RoundlyX platform provides a universal software as a service (SaaS) toolset that connects to existing digital asset exchange infrastructure. With RoundlyX, users can manage their digital asset portfolios via one dashboard with access to tools such as Roundup Investing, curated content, and aggregated services. For more information, visit https://www.roundlyx.com/.About CIT GAP Funds CIT GAP Funds makes seed-stage equity investments in Virginia-based technology, cleantech, and life science companies with a high potential for achieving rapid growth and generating a significant economic return for entrepreneurs, co-investors, and the Commonwealth of Virginia. Since its inception in 2005, CIT GAP Funds has deployed $32.4 million in capital across more than 240 portfolio companies, including 17 companies in designated Opportunity Zones. CIT GAP Funds’ investments are overseen by the CIT GAP Funds Investment Advisory Board (IAB). This independent, third-party panel consists of leading regional entrepreneurs, angel, and strategic investors, and venture capital firms such as New Enterprise Associates, Grotech Ventures, Harbert Venture Partners HIG Ventures, Edison Ventures, In-Q-Tel, Intersouth Partners, SJF Ventures, Carilion Health Systems, Johnson & Johnson, General Electric, and Alpha Natural Resources. For more information, please visit www.cit.org/gap.About the Center for Innovative Technology (CIT) Investing in Virginia's Growth | CIT concentrates on the early commercialization and seed funding stages of innovation, helping innovators and tech entrepreneurs launch and grow new companies, create high paying jobs, and accelerate economic growth throughout the entire state of Virginia. Founded in 1985, CIT accelerates next generation technologies and technology companies through commercialization, capital formation, market development initiatives, and expansion of broadband throughout Virginia. Programs include | CIT GAP Funds | Commonwealth Research Commercialization Fund (CRCF) | Commonwealth Commercialization Fund (CCF) | Virginia Founders Fund | Smart Communities | Cybersecurity | Unmanned Systems | SBIR/STTR Support (Small Business Innovation Research (SBIR) & Small Business Technology Transfer (STTR) programs) | Virginia Research Investment Fund (VRIF) | University Partnerships | Startup Company Mentoring & Engagement. For more information please visit www.cit.org. You can also follow CIT on Twitter, LinkedIn, and Facebook.
Dan Warren LaunchTech Communications 443-977-9638 email@example.com Sara (Pomakoy) Poole Center for Innovative Technology (CIT) firstname.lastname@example.orgSource: Center for Innovative Technology
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