Colu raises USD 14.5 mln to encourage buying local

The tech company produces a digital ledger blockchain app that allows local businesses to create their own localized currency through a wallet based on phones and mobile devices. By using a localized digital currency, merchants can pull in neighbourhood business and encourage local shopping with incentives such as rewards and coupons.

Since Colu’s digital wallet launched in 2017, it is now operating in four cities in the UK and Israel, with 100,000 users and more than 85,000 monthly transactions. According to a statement from the company, Colu has raised USD 26.6 million to date including the latest financing.