Startup Rise Wins 2023 Pitchfest Contest: Get Your Paycheck in Crypto!
• Rise, an Ohio-based startup, won CoinDesk’s PitchFest contest during the 2023 Consensus conference.
• Rise offers companies and workers the flexibility to choose between fiat and crypto salary payouts.
• The company raised pre-seed funding in Oct. 2021 and a $3.8 million seed round in April 2022 from investors including JAM Fund by Tinder co-founder Justin Mateen.
Rise Wins CoinDesk’s 2023 Pitchfest Contest
Based in Ohio, Rise onboards employees for automatic crypto paychecks and won CoinDesk’s PitchFest contest during the 2023 Consensus conference.
Millennials and Gen Z Prefer Crypto Paychecks
A deVere survey found that over a third of millennials and half of Gen Z employees would like to receive 50% of their paychecks in crypto. This has driven startups like Bitwage to help companies process payrolls in crypto. Rise adds new flexibility, allowing both companies and workers to choose whether they want to use crypto or fiat through smart contracts for instant payments.
CoinDesk’s PitchFest Selection Process
More than 600 crypto, blockchain, and Web 3 startups applied to CoinDesk’s PitchFest. A selection team made up of investors chose 12 finalists who flew to Consensus in Austin to compete on stage before Rise was chosen as the winner.
Rise Pivots From Marketplace To Paycheck Service
Rise started as a marketplace for companies and contractors, but soon pivoted into a paycheck service due to their audience needing payment infrastructure instead of new connections. In June 2021 they pivoted then raised pre-seed funding with investors including JAM Fund by Tinder co-founder Justin Mateen.
Rise Closes Seed Round Led By Sino Global Capital And Polymorphic Capital
In April 2022, Rise launched its platform which recently closed a $3.8 million seed round led by Sino Global Capital and Polymorphic Capital which will be used towards expanding their services globally throughout the year 2023.