Home Articles Club Investible backs wearable payments startup INAMO with a $1 million investment

Club Investible backs wearable payments startup INAMO with a $1 million investment

0
Global startup generator 'Investible' founder and director of Club Investible, Trevor Folsom, and founder and CEO Creel Price

Club Investible, the seed and early stage investment club founded by leading investor-entrepreneurs Trevor Folsom and Creel Price, has recently closed its largest early stage financing of an Australian company to date, investing $1 million in INAMO, a rising star in global wearable payments and applications.

INAMO recently unveiled the CURL, a waterproof wearable than you can attach to a watch, fitness band or keyring and use to make contactless payments on the go. In the future, consumers will also be able to use their CURL for building access, gym memberships, and festival tickets.

Investible co-founder Trevor Folsom says before now, promising startups like INAMO often had to go offshore for early-stage financing. Now, there are more opportunities for and interest from Australian investors to get involved early on.

“It’s all about putting Australian money early into businesses with potential. In the past, local investors have missed out and founders have not had pleasant experiences raising funds in Australia. Now, we are making it easier and more lucrative for Australian investors to access and invest in great businesses,” said Folsom.

What does this Investible funding mean for INAMO?

Club Investible now has over 50 members and partners globally, including successful entrepreneurs, family offices and corporate executives with a passion for early stage investing. INAMO founder Peter Colbert says this network has proven invaluable for his business.

“We live in a global marketplace, so it is critical that Australian businesses have opportunities to connect with international investors and consumers. Club Investible provided us with access to angels who brought real value to the business – using its partners to secure introductions and opportunities in the US and letting our technology do the rest.”

“What impressed me was how the management of Investible made the process of raising capital professional and seamless. Their model is very similar to that of Y-Combinator where they back the founder, then the idea,” added Colbert.

Hugh Bickerstaff, Investible’s Director of Investments said Club Investible looks for investments with global business models and most importantly, high-quality founders.

“Every one of our investments comes back to the quality of the founder. With respect to INAMO, we saw Peter’s energy, passion and commitment to get things done. Additionally, he’s connected into and understands the community of active people that will be attracted to the CURL.  There’s also significant opportunity for INAMO in the US market, which doesn’t yet have contactless payments, and we’re excited to see how the business progresses,” added Mr Bickerstaff.

INAMO is the most recent success story out of Club Investible. The network invested $1.3 million in US-based BUCKiTDREAM late last year and participated in the US$4.2m Series A capital raising round of Booksy – a pioneering SaaS start-up for appointment-based businesses, based in Poland.

Get unlimited access to our FREE business tools…

Need to raise capital? Want to become a more persuasive presenter? Want to master social media? Is it time to overhaul your website? Unlock the library to get free access to free cheat sheets and business tools. Click here for free business tools.