Israeli Blockchain Startup Colu Raises $9.6M

 June 23, 2016 | Israeli blockchain startup Colu has closed a Series A financing round of $9.6 million. Investors included Aleph, Spark Capital, Digital Currency Group and former Thomson Reuters CEO Tom Glocer. The latest financing round brings the total amount raised by the company to $12.1 million. Founded in 2014 and based in Tel Aviv, Colu has developed a platform for creating digital currency. This platform is based on virtual currency blockchain technology and the company is currently shifting its focus to creating local currencies that help small businesses and improve local economic growth by strengthening the connection between buyer and seller. The digital currencies created can be used without the need of an intermediary such as a bank or credit card company.  Colu has created digital currencies for two Tel Aviv neighborhoods – Jaffa and Florentin. The digital currency is linked to the shekel and according to the company is the Israeli digital equivalent of cash. The company says that its platform is already in use by municipal authorities in Barbados and Brazil. Colu currently has 24 employees and plans expanding its workforce to 30.