Diverse Syndicate Invests $3 Million Into SafeChain

February 27, 2018

SafeChain announced it has secured $3 million in funding from various syndicates across the United States.

Led by Columbus-based NCT Ventures, other investors include Revolution’s Rise of the Rest Seed Fund, Aspect Ventures, Precursor Ventures, Pete Kight (founder of Check Free), Social Capital, Rev1 Ventures, Loud Capital, and Fintech71 (a Jobs Ohio accelerator). The investors are from Ohio, Illinois, Washington D.C., New York and California.

"We're excited about the strength of the syndicate and believe being able to choose our partners offers us a unique advantage in the market. We know we've just made it to the starting line and now the real work begins,” said Tony Franco, CEO of SafeChain. “

SafeChain gained momentum for the round after concurrently completing two successful accelerators and winning the Rise of the Rest pitch competition, run by Revolution, an investment firm led by AOL co-founder, Steve Case, and best-selling author JD Vance.

“We are proud to partner with other national and regional investors to support SafeChain,” Case said. “It’s incredibly exciting to see promising and disruptive ideas come out of areas that are underserved by the venture community. Blockchain is set to revolutionize many sectors of business and SafeChain is leading out of the Midwest.”

SafeChain’s product, SafeWire, uses a unique multi-factor authentication mechanism to help prevent wire transfer fraud. This is just the first step in SafeChain's vision; the company's goal is to use blockchain technology to facilitate 30 second real estate transactions, according to Franco.

SafeChain will use the funds to expand the sales team, develop additional products and execute on customer partnerships. In 2018, they also plan to launch a title industry consensus group to explore difficult technical challenges related to blockchain.

“SafeChain’s intellectual approach paired with a world class development team positions them well to execute and deploy blockchain technology towards a valuable use case,” said Calvin Cooper of NCT Ventures. “We’re excited to support Tony and his team as they partner with the title industry to transform how real estate is bought and sold.”

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