Blockmate Ventures Inc (TSX-V:MATE, OTCQB:MATEF) announced that its investee Hivello, a leader in Decentralized Physical Infrastructure Networks (DePIN), has secured an additional US$1.5 million in financing after strong investor interest in its US$1 million raise in December 2023.
The company said that of the additional US$1.5 million, US$1 million was raised at a pre-money valuation of $9 million, presenting an 80% premium to the round closed last month.
The funding was secured as a Simple Agreement for Future Equity (SAFE) instrument fundraising round.
Blockmate highlighted that once converted the post-money implied valuation of its 67% stake is US$6.7 million or $0.08 per Blockmate share.
“We are thrilled to see strong interest from new funds joining us at the table,” Blockmate CEO Justin Rosenberg said in a statement.
“Expanding the funding round to accommodate large investors in the Web3 space is a testament to Hivello’s management team who have a vision to position Hivello on the global stage of DePIN services.”
Hivello co-founder Domenic Carosa commented that the surge of demand it has seen from investors has confirmed the pressing need for accessible decentralized DePIN infrastructure.
“The decision to upsize our round allows us to accelerate our mission and bolster our platform ahead of schedule,” Carosa said. “We are honored by the commitment shown by both new and returning investors who share our vision for the future of DePIN.”
Blockmate Ventures is a venture creator focussing on building fast-growing technology businesses related to cutting-edge sectors such as blockchain, climate, and energy storage.