UK fintech GeoDB has successfully secured more than £1.3 million through its equity crowdfunding campaign on Seedrs. The funding round, which was launched last month with a mission to raise £1 million, has attracted over 600 Seedrs investors. GeoDB is now offering 6.25% in equity at a £15,003,160 pre-money valuation.
As previously reported, GeoDB was co-founded in 2018 by Chairman Francisco Gordillo and CEO Sacha Gordillo. The company 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’s Seedrs campaign comes less than a year after it raised a total of £877,550 through its Crowdcube campaign. This investment round’s funding will be used for 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.
The campaign is currently set to close next Sunday (April 12th).
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