Vimpto, a web3 startup based in Dubai, announced today a fundraise of $650k, in a seed round led by Atechy Ventures, Timeless Capital and other crypto-focused venture capital firms. The funds raised in this seed round will primarily be used for building the core technology team and marketing push for the launch.
Vimpto is a decentralised community marketing platform built on the blockchain, that allows anyone to earn cryptocurrency through simple social media posts and shares. The platform is free for anyone to sign up on and start accepting crypto for performing advertisers’ tasks – posting images, videos, tweets or retweets, etc. Advertisers can leverage armies of ‘nano’ influencers to ensure that their campaigns attain virality much faster for a drastically reduced amount of spend.
“It’s not easy for regular people to get started on their crypto journey,” said Daniel Bedward, COO of Vimpto, speaking on the occasion. “The process is long and confusing, often requiring multiple KYC authentications to even open a crypto wallet. We believe that the global economy is rapidly heading towards a decentralised architecture, and Vimpto is the easiest way regular people can learn and embrace cryptocurrency as a way of life.”
“In essence, we are doing to community marketing what crypto did to finance – we are decentralising everything,” said Daniel.
Vimpto is launching a new crypto token $VIMP for facilitating payouts to all the Vimptonians – the people who participate in brand campaigns on the platform. $VIMP will be a publicly traded token and will be traded on most central exchanges. The Vimpto community marketing platform is expected to go live roughly six weeks after $VIMP launches on the first public central exchange.
Vimpto launching in Dubai is not a coincidence either. Dubai is touted to become the world’s crypto capital; UAE authorities, in partnership with Binance, are establishing a special zone at the Dubai World Trade Center from where all companies dealing with digital assets will be able to offer their products and services. Vimpto is participating in the Crypto Expo being held in Dubai in March, and the Crypto Asia Expo being held in Singapore in June of this year. While serving as a perfect launchpad to announce the new platform, these expos are also an opportunity for investors to participate in private funding rounds that Vimpto will announce.
“These are crucial events for Vimpto,” said Daniel. “We believe that crypto experts all over the world will be interested to know what the next few years have in store for the DeFi ecosystem. By showcasing a blockchain-based application that solves a real-world problem and allows the masses to become members of the crypto community, we will no doubt receive a lot of interest.”
Commenting on the fundraise, Craig Cornick, spokesperson for Atechy Ventures, said, “We recognise that a platform like Vimpto will be a major disruptor in the advertising and marketing industry. We see this as the smartest way to scale up the adoption of crypto among the masses.”
Ron De Weel, a spokesperson for Timeless Capital, a leading VC firm in the crypto space, is in agreement. “Getting people to adopt crypto as a way of life is a tough thing to do, given the technical dissonance between the experts and the uninitiated. Vimpto acts as a perfect bridge between the two while solving a major problem that exists in the advertising industry today,” he said.
Vimpto currently has 40 full-time employees and the team is growing rapidly.
