UK fintech GeoDB is officially set to close its equity crowdfunding campaign on Seedrs with more than £1.37 million raised from 765 Seedrs investors. The company launched the funding round last month and quickly secured its initial £1 million funding target. The latest crowdfunding initiative comes less than a year after GeoDB raised £877,550 through its Crowdcube campaign.
As previously reported, GeoDB is 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. The full description of the company reads:
“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.”
Funds from the latest campaign 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.
GeoDB is now offering 6.25% in equity at a £15,003,160 pre-money valuation. The campaign is set to close later this evening.
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