Gems Raises 400k in Seed Fund from Magma VC

Israel based Magma VC, known for successful investments and exits in Waze, Onavo, and other software startups, has invested $400,000 in a seed round for Gems Messenger. The seed round is in addition to the capital raised from the Gemz crowdsale being hosted by Koinify where the messenger team has raised approximately $600,000.

Daniel Peled is based out of Israel and was excited to be working with the venture firm, stating,

The Team and I are super excited to work with the people and resources of Magma VC. They are well known for their venture capital support for the ever popular Waze, another Israel based tech company.

The venture fund is managed by Modi Rosen and has raised over $150 million with more than 40 investments in over 25 companies. Mr. Rosen co-founded Magma Venture Partners and has served as managing partner of the Fund since 1999. Mr. Rosen added,

The combination of social messaging, and the transfer of value, is something we strongly believe in. GetGems is in a unique position to introduce Bitcoin Wallet and other new crypto-currencies to the wider consumer base. We’re very excited to be part of the journey and look forward to what’s next.

The Koinify sale of Gemz tokens is ongoing at: https://koinify.com/#/project/GEMZ. A beta version of the Android client can be found on the Google Play store and our full first look can be found here.