The team at SwissBorg, which makes crypto wealth management more accessible, says that they’ve achieved a lot with their Series A fundraising.
In the last three months, SwissBorg claims they “rewrote the way fundraisers are done.”
The firm says they “showed the world, once again, that the best approach to raising funds is the community-centric one.”
After the “success” of their Series A investment round, they can say with “full confidence” that this approach “pays off.” In the middle of a very “bearish” winter in the crypto markets, they achieved their goals, “exceeded expectations,” and set a “high bar” for future fundraisers (so they claim).
This past Friday, SwissBorge reportedly closed their Series A with solid results (aggregated figures from the three offers to the public in three jurisdictions):
- Total amount raised: 21,242,064 Swiss Francs
- Total number of shares sold: 13,651,189
- Number of investors: 16841 users
- Final SwissBorg valuation: 222,896,790 Swiss Francs
The update noted that the team is pleased to have you as an investor and “look forward to the prospect of working together with you to grow Swissborg into an industry leader in the coming years.”
The firm now begins “with the legal process of issuing all the certificates that grant you ownership of the company.” With this update, they want “to clarify what to expect in the coming weeks and months.”
The roadmap in a nutshell:
- Mar 31, 2023 – Closing of the fundraise (private & public sales)
- Apr 3, 2023 – Communication on the results of the offer
- April, 2023 – Capital increase of SwissBorg Community AG
April, 2023 – Subscription Certificates will be sent via email with a signature
- May, 2023 – Capital Increase of SBorg SA and SwissBorg Community AG officially becomes shareholder of SBorg
- May, 2023 – Bank wires the funds to the operational bank account of SBorg
Several important legal processes and sensitive financial transactions “need to take place to formalize the capital increase and the issued shares.”
According to the firm, this process is “time-consuming” and “intricate” from a financial and legal point of view.
Overall the process “takes a minimum of 5 weeks from the moment that we close the fundraiser to the moment that the last transaction is made to SBorg.”
There are 5 important steps in the process:
- Step 1- Reporting and communications: the company will create the necessary reports to be able to send you an email providing you with all aggregated information, i.e. the amount of money collected and the number of participants in the fundraiser.
- Step 2- Issuance by SwissBorg Community AG of the new shares through a capital increase and update the company’s share register: the company must register the new shares with the Swiss commercial register. This registration must include information such as the number of new shares being issued, their par value and the new amount of the share capital (including the new shares)
- Step 3 – Notify investors of the issuance of the shares: fill out the subscription forms as proof of investment.
- Step 4 – Pay in the new capital: Once the new shares have been issued and the commercial register updated, the funds will be transferred from a dedicated consignment bank account to the bank account of the company, which should happen within 15-20 days. From this point, the company will be able to use the proceeds from the fundraiser.
- Step 5 – Allocate the proceeds from the fundraising to acquire shares of SBorg SA: Once SwissBorg Community AG receives the proceeds of the fundraiser in its bank account, it will subscribe to new shares to be issued by SBorg SA during a capital increase. To this purpose, SwissBorg Community AG will send the funds to a dedicated consignment bank account, which will be transferred to SBorg SA once the new SBorg SA shares have been issued and the commercial register updated to reflect this capital increase.