A Vancouver startup that developed a platform that allows charities to harness the power of crowdfunding is being acquired by a new tech venture capital firm.
LX Ventures Inc. (TSX-V:LXV) – founded by Vancouver tech venture capitalist Mike Edwards – is buying Weeve.it for an undisclosed amount.
Launched in July 2012, the startup developed a crowdfunding platform specific to charities.
At the time the company launched, 23-year-old co-founder and COO Trevor Loke told Business in Vancouver he wasn’t sure how the company might monetize Weeve.
But it now looks like LX Ventures has plans for the company. It plans to use the Weeve platform and “repurpose it for use in other industries that are ready for disruption.”
“Weeve’s crowdfunding technology is a natural fit for our FinTech market vertical,” said Ray Walia, COO of LX Ventures.
“Together, we will internally innovate and deliver revolutionary funding solutions across multiple market sectors.”