Blockmate Ventures (TSX-V: MATE), an international innovative investment firm, is pleased to announce the successful capital raising by its investee firm Hivello Holdings. Hivello, a prominent developer of decentralized physical infrastructure networks (DePIN), has secured an additional US$1.5 million in funding following strong investor interest subsequent to an initial US$1 million raise in December 2023.
Justin Rosenberg, the CEO of Blockmate, expressed excitement over the robust response to the latest fundraising effort. A significant portion of the additional US$1.5 million was raised at a pre-money valuation of approximately US$9 million, representing an 80% premium over the previous round closed in December 2023. Post-conversion, Blockmate’s 67% stake implies a post-money valuation of US$6.7 million, equating to 8.1 cents per Blockmate share.
“We are thrilled to see a strong influx of interest from new funds participating in this round,” stated Mr. Rosenberg. “Expanding the funding round to accommodate large investors within the Web3 space underscores the vision of Hivello’s management team to position the company as a global leader in DePIN services.”
Blockmate established Hivello with the intention of harnessing underutilized computing power worldwide to develop an innovative DePIN network, offering internet users a platform to generate passive income.
Domenic Carosa, the Chair of Blockmate and co-founder of Hivello, highlighted the increased investor demand as validation of the growing demand for accessible decentralized DePIN infrastructure. The decision to expand the fundraising round will enable Hivello to expedite its mission and enhance its platform ahead of schedule.
Ken Seiff, managing partner of Blockchange Ventures, emphasized that the additional funds will support Hivello in expanding its technological capabilities, accelerating product development, and solidifying its position as a leading provider of DePIN services.
As Hivello prepares for a promising year ahead following its successful technology launch, the company is poised to make a significant impact in the decentralized services industry on a global scale.
