[Funding alert] Bitcoin rewards startup GoSats raises $4 mn in Pre series A funding

GoSats, a bitcoin rewards platform has raised $4 million in Pre series A funding round led by Y Combinator, Accel, and Gossamer Capital.

The funding round also saw participation from Soma Capital, KubeVC, 2am VC, Valhalla Capital, Trampoline Venture Partners, Dragon Capital, Leonis VC, DG Daiwa Ventures, C2 Ventures and Draper Dragon.

The startup plans to use the funds to grow its operations, including making product improvements, adding more brands, and more. They also plan to develop a cryptocurrency-based rewards API service for brands that can integrate crypto assets as loyalty points.

Bengaluru-based GoSats was founded in 2020 by Mohammed Roshan and Roshni Aslam, It allows customers to earn bitcoins as cashback from transactions through its platform including its mobile app and GoSat prepaid card.

“GoSats enables variable cashback on every card spend. The bitcoin wheel is activated on every swipe. When the wheel spins, bitcoin rewards are instantly credited to your GoSats account,” the company said.

Also read – GoSats comes up with ‘Bitcoin Premier League’ to enhance the IPL celebrations in the country

It currently has over 150,000 registered users. It aims to grow its bounty program and grow its user base to over 1 million by the end of this year.

“We will use funds to build an infrastructure for users to seamlessly earn free Bitcoin everywhere they shop, enable users to stake their Bitcoin and earn attractive yield, have them spend their rewards on brands, NFTs and play to earn games all within the GoSats app”, said, Mohammed Roshan, CEO, and co-founder of GoSats.

In August 2021, GoSats had raised $700,000 in a seed funding round from a clutch of investors, including Alphabit Fund, Fulgur Ventures, Stacks Accelerator and SBX Capital.

About GoSats

GoSats is a bitcoin stacking app that lets users earn bitcoin cashback when they shop with their partnered merchants. Bitcoin has been the best-performing asset over the past decade and is changing the world.

They want to make it super-easy for users to get bitcoin. Many are not comfortable with buying bitcoin from exchanges and hence they want to offer them an alternative way to accumulate bitcoin when they do their usual shopping at their favourite brands and merchants.