Medici Ventures, the Blockchain-focused subsidiary of retail technology leader Overstock.com, Inc. announced its participation in the Series A funding for Factom, a Blockchain-as-a-service technology company based in Austin, TX focusing on mortgage compliance solutions.
Medici Ventures received 2.5 per cent of Factom’s common stock in return for a $750,000 investment. Steven Hopkins, Medici Ventures’ chief operating officer and general counsel, will join Factom’s board of directors.
“We like what Factom is doing with Blockchain technology in the mortgage space,” said Medici Ventures president Jonathan Johnson. “This is the latest in a series of strategic investments to further position Medici Ventures as the global leader in Blockchain technology.”
Medici Ventures joins the Factom Series A round of funding, which was led by noted venture capitalist and Blockchain enthusiast Tim Draper.
“We’re thrilled to include Medici Ventures as a strategic investor in Factom. The Medici team impressed us with their deep knowledge and expertise in Blockchain technology,” said Factom CEO Peter Kirby. “They bring operational experience running a global business with thousands of employees and practical knowledge of the shifting regulatory environment. We consider them some of the smartest investors in Blockchain.”
Medici Ventures is a leader in advancing Blockchain technology, and parent company of t0.com, which recently aided Overstock.com in completing the world’s first Blockchain-based stock offering on its proprietary platform.
Launched in 2014, Medici Ventures is a wholly-owned subsidiary of Overstock.com, Inc. created to manage and oversee investments in firms building solutions leveraging and servicing Blockchain technologies. Medici Ventures has several Blockchain-focused investments, including t0.com, Peernova, Bitt, SettleMint, Factom, and IdentityMind. The company’s majority-owned financial technology company, t0.com, executed the world’s first Blockchain-based stock offering in December 2016.
Factom, Inc. is an Austin-based Blockchain technology company that’s on a mission to make the world’s systems honest. People and institutions today can solve hard problems and change the world for the better when they have a reliable framework to build upon. Honest systems free up dead capital, which allows companies to grow and helps people to lift themselves out of poverty.
This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements include all statements other than statements of historical fact. Additional information regarding factors that could materially affect results and the accuracy of the forward-looking statements contained herein may be found in the Company’s Form 10-Q for the quarter ended September 30, 2016, which was filed with the SEC on November 3, 2016, and any subsequent filings with the SEC.