GeoDB, a UK-based fintech startup that aims to provide a big data marketplace that includes an encrypted, safe, transparent, verified, accurate and decentralized datapool, has successfully secured its initial £1 funding target through its equity crowdfunding campaign on Seedrs. The funding round comes less than a year after GeoDB raised £877,550 through its Crowdcube campaign.
As previously reported, GeoDB was co-founded in 2018 by Chairman Francisco Gordillo and CEO Sacha Gordillo. The platform describes itself as a big data marketplace that aims to solve the existing problems of the huge big data industry and also allows users to upload their data to the protocol. In exchange, the protocol rewards them for that generated data.
“GeoDB is a peer-to-peer big data sharing ecosystem powered by blockchain technologies. An open data marketplace that creates bridges between current isolated participants and which aims to solve the existing inefficiencies of the huge big data industry. At one end, users upload their data to the ecosystem. In exchange, the network rewards them for that generated data. Meanwhile, at the other end, data buyers access the data pool and purchase those datasets.”
GeoDB further explained that users receive GEO tokens in exchange for their anonymous data, which can later be exchanged for FIAT money (GBP, EUR, USD…) through its partner’s market platforms in a normal trading activity or, once it launches its full network capabilities, use data to acquire goods and services, all directly in the same app in which they receive the tokens.
“GeoDB is here to change this, building better and trusted relationships between market participants. Closing the gap between data generators and data buyers and solving huge inefficiencies in the industry, eliminating intermediation and allowing faster and frictionless transactions. We aim to boost the Big Data market increasing transactionality, allowing trusted, frictionless and efficient P2P data transactions.”
Funds from the Seedrs round will go towards the following:
- Team Building: Adding further talent in these areas: a) Tech Development with an additional 5 to 10 new members with Big Data, blockchain, and backend capabilities b) Biz&Dev, incorporating a Biz&Dev manager and a couple of sales representatives c) Marketing and growth. CMO and a team of two more people to manage marketing, pr and communication strategies.
- Marketing: GeoDB will invest in the growth of its user base to increase our data-pool size and in the growth of our strategic partners, both in the selling side and buying side of the network.
- Token Economy: The company will continue to bet on the growth of its Token, increasing its visibility and presence in bigger and more liquid exchanges. By the end of 2020, GeoDB expects to be listed in at least two top worldwide exchanges.
GeoDB is currently offering 6.25% in equity at a £15,003,160 pre-money valuation. The campaign is set to close in April.
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