SocialGood’s crypto platform secures $14.2M

SocialGood’s crypto platform secures $14.2M

Mar 11, 2022 2 min read
  • Japan’s SocialGood secures Series A of $14.2M for platform and retail offering for cryptocurrency rewards
  • According to the Social Good Foundation, the SocialGood Project is helping to solve the income inequality gap and believes SocialGood (SG) can "provide financial freedom to people worldwide"
  • The VC, Miyako Capital is the sole named and first announced investor in the Social Good Foundation and SocialGood App that lets users shop through the app and earn up to 100% in SocialGood (SG) crypto token

Tokyo, Japan’s SocialGood secured a $14.2 million Series A for its retail platform for cryptocurrency rewards from the VC Miyako Capital. The investment is the first for the Social Good Foundation that has already partnered with over 1,800 online retailers. The SocialGood App lets users shop through the app for up to 100 per cent in SocialGood (SG) crypto. Social Good Foundation will use the funding to expand its geographic footprint.

Miyako Capital is the Social Good Foundation’s sole named backer in a $14.2 million round, which SocialGood says is the largest-ever equity investment in a crypto issuer headquartered in Japan. Miyako Capital is an early-stage venture capital firm, based in Kyoto and backs the most promising Japanese startups in addition to its second base in Silicon Valley.

The Social Good Foundation says it “aims to make the world a better … creating a win-win-win situation for all consumers, companies, and society as a whole” through its offering that gives users the power to do more by shopping online. The SocialGood app is available in English, Chinese, and Hindi so far with plans to launch more localised and accessible versions worldwide.  

Image credit: SocialGood

Founded in 2018, the Social Good Foundation created the SocialGood App, giving so-called 'crypto back' rewards to customers for online shopping, claiming over 1.85 million users in 200+ countries and territories. SocialGood says its main market is currently the United States. Setting an ambitious target, projected along the lines of Bitcoin’s growth, social good says it could increase users to 550 million people in just the next two years.

Soichiro Takaoka, Founder & CEO of the Social Good Foundation:

"I wanted to create a world where anyone and everyone could just automatically build up assets. Our goal is to democratize asset-holding. We believe that the SocialGood Ecosystem will make the world a better place, and we aim to expand it globally."

Hiro Okahashi, Partner & Founder of Miyako Capital:

"We are pleased to announce that we have invested in an innovative and socially-conscious global platform utilizing the token ecosystem. The SocialGood App has already gained traction and significant transactions internationally."

SocialGood’s talent is drawn from the likes of Amazon Japan, Goldman Sachs, Mercari, P&G, Rakuten, and IBM.

Source



Join the conversation

Great! You’ve successfully signed up.
Welcome back! You've successfully signed in.
You've successfully subscribed to Conviction News.
Your link has expired.
Success! Check your email for magic link to sign-in.
Success! Your billing info has been updated.
Your billing was not updated.