Blockmate Investee Hivello Successfully Raises USD $2.5M

TORONTO, Jan. 31, 2024 (GLOBE NEWSWIRE) -- Blockmate Ventures Inc (TSX.V: MATE) (OTCQB: MATEF) (FSE: 8MH1) (“Blockmate” or the “Company”), an innovative investment firm in the blockchain technology space, proudly announces that its investee, Hivello Holdings, has secured a further USD $1.5 million after receiving strong interest from investors following the announcement of a USD $1 million raise in December 2023.

Due to the overwhelming interest, of the additional USD $1.5 million, USD $1 million was raised at a pre-money valuation of $9 million - an 80% premium to the round which just closed in December 2023. The additional $1.5 million brings the total raised to $2.5 million. The funding was secured as a Simple Agreement for Future Equity (SAFE) instrument fundraising round. Consequently once converted, the post-money implied valuation of Blockmate’s 67% stake is USD $6.7 million (CAD $8.9 million) or 8.1 cents per Blockmate share¹.

Justin Rosenberg, CEO of Blockmate Ventures, commented, “We are thrilled to see strong interest from new funds joining us at the table. 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.”

Domenic Carosa, Chairman of Blockmate and Co-Founder of Hivello commented: "The incredible surge in demand we've seen from investors confirms 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. We are honored by the commitment shown by both new and returning investors who share our vision for the future of DePIN."

Blockmate decided to build Hivello when it discovered the opportunity to leverage underutilized computing power around the world to create an innovative DePIN network, while providing internet users with a platform to generate passive income.

Below is the press release from Hivello detailing the increased funding round:

Hivello Announces Upsized Funding Round, Raising USD $2.5M Amidst High Demand

Amsterdam, 31 January 2024 – Hivello, at the cutting edge of Decentralized Physical Infrastructure Networks (DePIN), has announced an upsized funding round, raising an additional USD $1.5 million and bringing the total raised in the prior 4 weeks to USD $2.5 million.

This influx of capital is a testament to the confidence the market places in Hivello's mission to democratize access to decentralized infrastructure. The extended round attracted a roster of eminent new investors, including Blockchange (USA), Cypher Capital, MH Ventures, Primal Capital, Contango Digital Assets, and Candaq, joining industry leaders NGC, Blockchain Founders Fund, IDG, and others from the prior pre-seed investment round.