The UK-headquartered venture capital firm Coinsilium Group Ltd. announced on Tuesday that it has acquired another 3.5 percent stake in the Singapore-based blockchain-powered professional social network Indorse Pte. Ltd.
Coinsilium bought the stake for USD 131,250, and now has a 6.5 percent stake in the company, valuing Indorse at USD 3.75 million. Coinsilium, a VC firm that invests in early-stage blockchain technology companies, also has an option until March 31 to acquire another 3.5 percent of ownership in Indorse.
Coinsilium Chairman Malcolm Palle said his company chose to make the investment in part because of Indorse’s successful beta launch of its Ethereum-based social media platform, which is a competitor to LinkedIn.
“Indorse’s successful public beta launch with more than 2,600 sign ups on the platform since the July ‘proof-of-concept’ launch, has confirmed our trust in the capabilities of their development team,” said Palle in a statement. “Indorse is proving to be a perfect match for our strategy of building value for our shareholders through identifying compelling early stage investment propositions lead by highly talented teams. I look forward to joining the Board of Indorse and to working closely with the team at this exciting stage in their journey.”
Indorse co-founder Gaurang Torvekar said he views the Coinsilium investment as a vote of confidence in his company.
“We now have a solid team building the future generation of decentralized social networks and we feel the spike of interest in blockchain by the general public will accelerate Indorse’s market penetration,” he said. “We are happy to welcome Coinsilium’s chairman, Malcolm Palle, to our board and look forward to working with him as we take our company to the next level.”