Nova Finance: Financial Update

June 28, 2022
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Company Update
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Fundraising

In Q4 of 2021, Nova Finance raised 3 Million, post winning the Solona Hackathon, with a mission to Innovate Investments through Automation and shape the future of investing. If you’d like to read more about that investment round you can check out the Cointelegraph article here. With this funding, Nova is being built to last.

This funding round included investments from  Rarestone Capital, Solana Capital, Sky Vision Capital, Animoca Brands, Morningstar Ventures, Lian Group, 3Commas, DFG, Spark Digital Capital, Jsquare, Genblock Capital, Mirana, Stacker Ventures, Ascendex, Solanium, Citizen X to name a few.

But we chose our investors carefully, we wanted to have investors who trusted the mission and vision of creating a platform for experts and newcomers alike. A platform to invest with confidence through automated tools, and creator portfolios, and drastically change how investments will be made in web3.

Partnerships as a result

This led to crucial partnerships with Solana, Alameda, AscendEX, Hubble, Orca, and even more to come. All with the goal of bringing even more utility and value to our protocol.

Current Financials

So where are we now? A few weeks away from our expert launch and an MVP launch for the masses in Q4 2022, we have our product right where we want it, and on time with our proposed roadmap. While still retaining over ⅔ of our investment capital with a cash reserve of $2,125,000.

What are we spending on?

The majority of our investment spent thus far went towards the development of our platform and building an experienced, like-minded, and driven team to support Nova for the years to come. New hires are coming soon to help ensure smooth operations with a new COO and a Business Development Lead. In addition to the Mobile Dev Team and an administrative position. All to make sure that we can create the most successful product possible.

Currently, we have a burn rate just shy of $80,000 a month, with a strong focus on development as well as community building all with the focus of moving step by step closer to creating increased access to DeFi and bringing it to the masses.

What this all means.

This leaves us with 24 months for Nova to become self-reliant, and as our DAO governance grows we believe this runway will extend over time.

The bottom line is, that we are confident with our current timeline and the funds available. Nova is here to stay. We are creating a platform that will innovate investments and automate accumulation creating a sustainable platform that promises longevity.

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