Vancouver's LX Ventures has acquired Canadian startup Weeve.it.
Specifically, LXV says will acquire all of Weeve's assets including their crowdfunding platform Weeve.it. Weeve launched in Vancouver in July 2012, when it claimed to be the world's first crowdfunding platform to utilize a freemium model that allows nonprofit organizations to raise money without transaction fees.
LX Ventures plans to take Weeve's "sophisticated crowdfunding framework" and repurpose it for use in other industries that are ready for disruption, the company says.
"Weeve's crowdfunding technology is a natural fit for our FinTech market vertical. Together, we will internally innovate and deliver revolutionary funding solutions across multiple market sectors," explains Ray Walia, COO of LX Ventures.
"We couldn't be more thrilled to join forces with LX Ventures," Alex Chuang, cofounder and CEO of Weeve, said. "With LX Ventures accelerating our growth with their business intelligence, we can continue to innovate and take crowdfunding to new heights."
LX Ventures is a publicly traded technology incubator that launches, integrates, and acquires early-stage, high-growth tech startups.